The correct option is A or
'Or' presents a choice between the alternatives "study hard" and "fail the exam", and 'or' combines these two. 'Or' is an alternative conjunction that combines the clauses "You must study hard" and "you will fail the exam", hence option A is correct. 'You' is a pronoun that refers to the speaker, it does not combine the clauses, in fact it's a part of them, without which the meaning is incomplete. It's not a conjunction, hence option B is incorrect. 'Will' is an auxiliary verb that forms the tense of the sentence, it's not a conjunction as it does not combine the clauses. Hence option C is incorrect. 'Must' is a modal auxiliary that functions to form a mood or tense of a sentence, it does not combine the clauses, hence it isn't a conjunction, option D is incorrect.