Emulsion is a colloid in which small droplets of a liquid are dispersed in
Another liquid
The explanation for the correct option:
Emulsion is a type of colloid
(B) Another liquid: Emulsion is a type of colloid where the dispersed phase and dispersion medium are liquids
The explanation for the incorrect option:
(A) Solid: If the dispersion medium is solid, it is called gel, which is a type of colloid. Example: Cheese
(C) Gas: If the dispersion medium is gas and the dispersed phase is liquid then it is liquid aerosol. Example: Cloud
(D) Air: If the dispersion medium is air which is a gas and the dispersed phase is liquid (given in the question) then it is aerosol. Example: Mist, cloud
Thus, option (B) i.e., Another liquid, Emulsion is a colloid in which small droplets of a liquid are dispersed in another liquid.