Question: What is the primary function of the `CatNotifyOnEvent` API in the context of (U)SIM API, specifically regarding ME monitored events?
Option 1: To modify the priority of existing ME monitored events.
Option 2: To add or remove an ME monitored event from the set of events an application is interested in.
Option 3: To retrieve the current status of all ME monitored events.
Option 4: To trigger an immediate notification for a specified ME monitored event.
Explanation: The `CatNotifyOnEvent` API allows applications to dynamically manage (add or remove) their interest in specific Mobile Equipment (ME) monitored events, enabling flexible event handling based on application needs, crucial for efficient resource utilization and tailored user experiences in telecom environments.