The correct option is
C Photosynthesis and
N2 fixation simultaneously
Nostoc is a genus of blue green algae. It is photosynthetic cyanobacteria. It contains chlorophyll pigment and carries out photosynthesis. It also has ability to fix atmospheric nitrogen and make it available to the plants. It is a non-symbiotic nitrogen fixer.
Thus, the correct answer is 'Photosynthesis and N2 fixation simultaneously.'