Discussion
Which comparison is the fair one when judging two modulation schemes for noise?
Answer: B
The figure of merit is defined at equal transmitted power and equal message bandwidth, with the channel bandwidth left free to differ - which is what makes the comparison meaningful, since the extra channel bandwidth is precisely what FM spends to buy its advantage. Holding channel bandwidth equal would forbid FM the resource it trades in. Equalising the output ratio asks a different question, namely what power each scheme needs. And receiver noise figure is common to both and irrelevant to the comparison. Stating the conditions of a comparison is as important as the numbers it yields.
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