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CPC is good for testing with low risk.
If you run untested, low-CTR creatives on CPM, the ad network will just keep showing your banner and charging you for it, even if no one is clicking it.
If you run untested, low-CTR creatives on CPC, you'll only be charged for the handful of clicks you get. (And you'll only get a handful; the ad network will stop showing your ad once it sees a low CTR.)
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