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You can't choose CPM or CPC if you are a publisher, you can do this if you are an advertiser. With the CPM model, the adverstiser nominates individual sites and also a max CPM which they are prepared to pay (the minimum is $0.25)
Therefore unless your site is nominated by an advertiser, it will not be showing CPM ads. Sites nominated by advertisers are likely to be well-known high traffic sites in their category. A CPM model will work if your Page eCPM is low.
What I do for one of my high traffic site is this. I use Casale Media as the main network for Ads over 0.5 CPM. Unfilled traffic is then sent to Google. For advertising space that are very low in the page i.e. those that will get a very low click through, I will put in ASN ads. Because with Casale Media, the ads must be placed higher up. Other CPM networks with good payouts would be Burst Media and FastClick
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