How do cost-per-click (CPC) ads compete with cost-per-thousand impressions (CPM) ads on the Google Display Network?

Google adwords fundamental / By SEO And Web Service / April 20, 2018 May 26, 2020

CPC bids are effectively converted to CPM bids
CPM bids are effectively converted to CPC bids
Ads using CPC bids are not allowed to compete on the Display Network
CPC and CPM bids only compete against bids of the same type