The correct answer is (c) gm * R1||ro
Explanation: This is easily observable by performing a small signal analysis at the output of the C.S. stage. We need to turn off all voltage sources, Vcc mainly, and give a small input at the gate. Thereby, the voltage gain becomes gm * R1||ro. The presence of early effect reduces the gain a bit and deviates M1 from its ideal characteristics.