When I say expensive, I'm only speaking from an AdSense user. For example, I use AdSense on my blogs. I sometimes get a click that pays $1.50 to me. I know that that's around 1/4 of what Google charges the Adwords client. So that click actually costs the Adwords client $6.00. I can only guess that that $6.00 click converted into a sale or it would have paid much less.

Of course Google never reveals their reason or strategy for what they do. It's hard to predict.