Where the pleasure is only moderate? (7)
I believe the answer is:
funfair
'where' is the definition.
The answer is a location as well as being a singular noun. This is suggested by the definition.
'pleasure is only moderate?' is the wordplay.
I cannot quite see how this works, but
'pleasure' could be 'fun' (fun is enjoyment or pleasure) and 'fun' is present in the answer.
'moderate?' could be 'fair' ('fair' can be similar in meaning to 'moderate') and 'fair' is found within the answer.
No letters remain.
This explanation may well be incorrect...
'the' is the link.
Can you help me to learn more?
(Other definitions for funfair that I've seen before include "place of amusement" , "Swings and roundabouts" , "Amusements here" , "entertainment for the family?" , "Amusement park" .)