There’s a fair place for it (3)

I believe the answer is:

fun

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'it' is the definition.
The definition suggests a singular noun which matches the answer.

I don't understand the rest of the clue.

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(Other definitions for fun that I've seen before include "Enjoyment" , "Light-hearted pleasure" , "Entertaining" , "'Merriment, playfulness (3)'" , "Light-hearted amusement, jollity" .)

I've seen this clue in the Evening Standard.

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