Good question. It is because when dealing with volume, you are talking about 3 dimensions; there is length, heighth, and Depth now too. Think of a square: it's 2 dimensional, it doesn't have any depth. Now think of a cube: it does have a depth. For example, when you open a box, you can reach your hand inside. That space is the Volume. That is why the third power is called Cubed, whereas the second is called Squared. Get it?
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Because the volume of a cube is the third power of the length of its side.
To find the volume of a cube, raise the length of a side to the third power.
It is 5 cm.
It's the third power (cube) of the length of any edge.
You can not equate a measurement of volume (the ml) with a measurement of length (the cm).