The Collaborative International Dictionary of English v.0.48:

cut-rate \cut-rate\ adj.
   1. offering goods or services at less than standard price or
      rate; as, cut-rate store.

   Syn: cut-price(prenominal).
        [WordNet 1.5]

   2. costing less than standard price.

   Syn: bargain-priced, cut-price, dirt-cheap.
        [WordNet 1.5]

The Collaborative International Dictionary of English v.0.48:

cut-rate \cut-rate\ n.
   a price below the standard price.

   Syn: bargain rate, cheapness, cut rate, cut price.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

cut-rate
    adj 1: costing less than standard price; "buying bargain-priced
           clothes for the children"; "cut-rate goods" [syn:
           bargain-priced, cut-rate, cut-price]