Which user characteristic may NOT be used to change keyword bids in AdWords?:

time of day
ad preference
location
device

Correct answer is:

ad preference

Explanation: It comes under the bid adjustment. Bid adjustments allow you to show your ads more or less frequently based on where, when, and how people search. For example, sometimes a click is worth more to you if it comes from a smartphone, at a certain time of day, or from a specific location.

Read more here: https://support.google.com/adwords/answer/2732132

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Which user characteristic may NOT be used to change keyword bids in AdWords?:

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