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Yes.
Many years ago people paid basically for impressions. Then it seemed like it was rip-off because they did not get much for their money. Then one of the search engines decided to try pay per click - basically saying it was more honest and fair because you were only paying advertising on those that really wanted to see your products - ie - those that clicked on your ads.
So yes, pay per click is buying advertising at the price determined for a click.
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