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

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

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