The abbreviation of CPC is Cost Per Click.
It is the amount paid to a publisher by Google Adsense per click. They are similar to PPC Platforms (PayPerClick). But when it comes to Google Adsense, impressions of ads also count there may be some other ads like links ads in Google Adsense which pay a publisher per click.
The $0.07 represent the cost per click as an average of all the advertisements displayed on the website.
Related Links: 100 ways of increasing CPC.