Much fun.
Meaning: This means that there is a lot of enjoyment or amusement. It's like saying, There is a large amount of enjoyment or amusement.
Choice of Words: Much is an adverb that means to a great extent or degree. Fun is a noun that refers to enjoyment or amusement. When you put them together, "Much fun" indicates a great extent of enjoyment or amusement.
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Related Expressions