Right choice is (d) (R2 || R3 || R4) * K * (V1 – Vth)
The explanation is: Ideally, the bypass capacitor would short the source terminal of the M1 to ground. Hence, this becomes a simple C.S. stage instead of a degenerated C.S. stage. Hence, the gain is simply gm*(total resistance connected at the drain). The total resistance connected at the drain is (R2 || R3 || R4) since all the three resistors are parallel to each other. The transconductance(gm) is K(V1-Vth). Hence the overall voltage gain is (R2 || R3 || R4) * K * (V1 – Vth).