Which bid strategy tells Facebook to bid with the goal of getting you the lowest possible cost per desired action, while also spending your entire budget by the end of the campaign?

Correct! The Lowest Cost bid strategy tells Facebook to bid with the goal of getting you the lowest possible cost per desired action, while also spending your entire budget by the end of the campaign. It means you don’t have to set a bid, as Facebook will use its machine learning tools to spend your whole budget as efficiently as possible.