Discussion
Which is the best summary of the FM bargain?
Answer: A
FM spends spectrum and buys output signal-to-noise ratio, an option the amplitude family does not offer at all, and it does so while keeping a constant envelope that permits efficient amplification. The other formulations mismatch the currencies: bandwidth is what is spent rather than gained, and while receiver complexity does rise, it is not the principal cost. Naming the bargain in one sentence is the most useful single thing to carry away from the topic.
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