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Whats the difference between Auto and Static bid types?

Auto bid static types
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Whats the difference between Auto and Static bid types?

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A static bid price is a fixed cost-per-click, that will be charged for every click received. With an auto bid price, however, you select the maximum bid price you’re willing to pay, and our system will automatically determine the lowest possible cost-per-click, while maintaining the highest possible ranking each and every time an advertisement is displayed.

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