SERP is an abbreviation from Search Engine Results Page – a webpage you get when a search engine returns your the results of your search.
For instance, this URL will open you a Google search engine results page for the SERP word: http://www.google.com/search?q=SERP
On most SERPs you would see two types of search results: most relevant pages from the search engine database (these pages were indexed and according to the search engine's logic are most relevant to your query), and sponsored links – still relevant to your query resources, these are the results which have been paid for by their respective owners.
A typical search engine results page will contain a number of web pages links with their titles and a short description with optionally highlighted words which matched your search query.
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