how does pay per CPM pay us?

[ssarkar]

I think the CPM rate matters a lot , in my adsense account after some 150 page views i got a click and earned $0.01

My CPM was very low actually.

I don't think adsense paying for CPM. I never read any term and policy about that in adsense. Adsense just pay us via CPC.

Adsense do pay us through CPM also but they do not disclose which ads are for CPC and which are for CPM. Some says that the image ads are for CPM ads, but I don't think so.