adjective
describing the noun 'chips' as being inexpensive or of low cost
adverb
modifying the adjective 'cheap', indicating that something is as inexpensive as chips
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The cost of the new technology is as cheap as chips compared to previous models.
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I found this dress on sale, it was as cheap as chips!
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I can't believe I got these tickets for the concert, they were as cheap as chips!
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Her love for him was as cheap as chips, easily bought and discarded.