Most often appears in the set phrase 望而却步 (wàng'ér-quèbù, 'shrink back at the sight') — used when prices, difficulty, or danger scares people off. Standalone 却步 is more literary.
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却 here is the classical sense of 'retreat / step back' (also in 退却 tuìquè, retreat). Plus 步 (step) — literally 'retreat-step', a single backward movement.
