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We use this expression to say that something is too (cheap/expensive) etc. It is an intensifying structure.
Written: Yes
Spoken: Yes
Formal: No
Informal: Yes
Example 1
Do you like the blouse, madam?
No. It's on the small side. Do you have a larger one?
Example 2
You're not going to buy the car, then?
I don't think so. It's a bit on the expensive side for me at the moment.
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