"Це коштує дуже дорого."
Translation:It costs very much.
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You have a good point. I think "it costs too much" means a different thing but "it costs a lot" has the same meaning as "it is very expensive". Also it costs a lot sounds so much better than it costs very much (what was I thinking :D). Do you know if це can mean both "it is" as well as "this is"? I noticed that sometimes it is translated as "it" and sometimes "this". Does it somehow depend on the sentence?