Correct option is (b) ratio of average stress carried by plate to average strain
To explain I would say: Elastic post-buckling stiffness is measured in terms of apparent modulus of elasticity, E*. It is the ratio of average stress carried by plate to average strain. In most of the cases, the value of E* is in the range 0.408 – 0.5 E and may be approximately taken as 0.5E.