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If an application has specified JRE 7, and you have both on your system, JRE 7 will be used.
OS X users can only access one JRE version through a browser; other versions might be available in the system but will not be available through the browser.
Version 0.3 highlights: NGS support, proxy, label-related tags, original release date.
Oracle started auto-updating Windows 32-bit and OS X, Java Runtime Environment (JRE) users from JRE 7 to JRE 8 in January 20, 2015.
See the Java SE documentation for APIs, Developer guides, Release Notes and more.
Unless you have a support contract with Oracle or a license for Java SE Advanced products you will not be able to get security updates for JRE 7 from Oracle after April 2015 and it is not advisable to keep older versions of Java on your system.
Nevertheless on Windows systems, if you would like to continue to have both versions, JRE 7 and JRE 8 can be installed on the same computer.
Yes, however note that users will be unable to receive public security updates for Java 7 after April 2015.
See the Applet Deployment documentation on setting the JRE version for applets.