Final answer:
The Level 3 cache is a part of a CPU's microarchitecture, typically running at or slightly above the motherboard's speed and usually having a size of 1 MB or larger. Its main function is to store commonly accessed data to speed up processing tasks.
Step-by-step explanation:
The type of cache in a CPU's microarchitecture that usually runs at the motherboard speed or slightly faster and is commonly 1 megabyte (MB) or larger is known as Level 3 (L3) cache. The L3 cache is a larger, slower type of cache memory compared to Level 1 (L1) and Level 2 (L2) caches. However, it is still faster than accessing the random access memory (RAM). The main purpose of the L3 cache is to improve the efficiency and performance of the CPU by storing frequently accessed data for quick retrieval, thus reducing the time it takes for the processor to complete tasks.
It is important to note that cache sizes and speeds can vary depending on the specific CPU microarchitecture. Additionally, the multiplicative prefix 'mega' indicates a million units, so when referring to computer memory, 1 megabyte is equivalent to 1 million bytes.