Question mark and colon in statement. What does it mean?

This is the conditional operator expression.

(condition) ? [true path] : [false path];

For example

 string value = someBooleanExpression ? "Alpha" : "Beta";

So if the boolean expression is true, value will hold “Alpha”, otherwise, it holds “Beta”.

For a common pitfall that people fall into, see this question in the C# tag wiki.