Right answer is (a) gm1 * Rd || 1/gm2 * gm2 * Rd2
Explanation: The voltage gain due to M1 is gm1 * Rd || 1/gm2 since we find that the drain of M1 is connected to the source of M2 and the impedance looking into the source of a MOSFET is 1/gm2. Now, the voltage gain due to the 2nd CG stage is simply gm2*Rd2. Hence, the total voltage gain is a product of both the factors ie gm1 * Rd || 1/gm2 * gm2 * Rd2.