Its a great question. I would recommend that you actually bid higher than the suggested bid range. This way you are making sure Facebook will show your Ads to more of your target audience. If you bid lower than the recommended price, you are running a risk of your Ads not being shown at all. After couple of days watch what your actual CPC is and adjust your max. bid. A couple of quick suggestions….
1 – Don’t set and forget
2 – Always A/B test your Facebook Ads
3 – Test CPC vs CPM for your Ads and see which one works better
Also check out Ad Set Cost & Budgeting section of Facebook help for more information!