What is the definition of actual cost-per-click (CPC)?

The least possible CPC the advertiser needs to pay to maintain an achieved position.
The average CPC the advertiser needs to pay in order to achieve top position.
The CPC according to a price list, which is then updated daily.
The CPC an advertiser was charged minus credits for overshot daily budget.

The correct answer is:

The least possible CPC the advertiser needs to pay to maintain an achieved position.

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What is the definition of actual cost-per-click (CPC)?

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