Right answer is (c) – {gm1 * (Rd || ro1) * gm2 * (Rd1 || ro2)}
Explanation: This is a cascade of a CG stage preceding a CS stage. For the CG stage, the voltage gain is gm * (Rd || ro1). But after this stage, the signal gets amplified by the CS stage with a factor of – {gm2 * (Rd1 || ro2)}. Hence, the overall voltage gain is the product of both the factors i.e. – {gm1 * (Rd || ro1) * gm2 * (Rd1 || ro2)}. Note that the input impedance looking into M2 is infinite ad hence the voltage gain of the CG stage is typically unaffected by the CS stage (for low frequency operations only).