Right choice is (b) be equal to signal amplitude
Easiest explanation: Modulation index is the amount of modulation present in a carrier wave. It is also described as the ration of the amplitude of message signal to that of carrier signal.
Modulation Index (m) = Vm/Vc, where Vm is maximum baseband or message signal amplitude and Vc is maximum carrier signal amplitude. So for m = 1, Vm should be equal to Vc.