Ridiculously priced hat — very inexpensive (4,5)
I believe the answer is:
dirt cheap
'very inexpensive' is the definition.
(I've seen this before)
'ridiculously priced hat' is the wordplay.
'ridiculously' indicates an anagram (I've seen this in other clues).
'priced'+'hat'='pricedhat'
'pricedhat' with letters rearranged gives 'DIRT-CHEAP'.
(Other definitions for dirt cheap that I've seen before include "at an extremely low price" , "next to nothing" , "Going for a song" , "rock-bottom prices" , "Extremely inexpensive" .)