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Don't be fooled by what Google's keyword tool tells you. Those are the bid prices for ads to be shown on Google's own sites (i.e. on the search results page). Advertisers can pay much less to show ads on the content network (AdSense sites) and usually that's what they do -- either they don't show them at all, or they enable separate bidding for those ads.
Plus there are the other reasons that were mentioned, such as the bidding prices and Google's "smart pricing".
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Eric Giguere, AdSense expert
Find my sites and blogs on the Synclastic Network
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