In order for cost-per-click (CPC) ads and cost per thousand impressions (CPM) ads compete with each other in the same auction on the Google Display Network, AdWords system converts the CPC ad's bid to:

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In order for cost-per-click (CPC) ads and cost per thousand impressions (CPM) ads compete with each other in the same auction on the Google Display Network, AdWords system converts the CPC ad's bid to: