Price changed? Price not right? It's very steep! (9)
I believe the answer is:
precipice
'it's very steep' is the definition.
(I've seen this before)
'price changed? price not right?' is the wordplay.
'changed?' indicates anagramming the letters.
'not' is a deletion indicator.
'right?' becomes 'R' (common abbreviation).
'price' with 'r' removed is 'pice'.
'price' is an anagram of 'preci'.
'preci'+'pice'='PRECIPICE'
(Other definitions for precipice that I've seen before include "Steep cliff face" , "High vertical cliff" , "Sheer cliff" , "High, very steep cliff" , "Overhanging cliff or rock face" .)