The correct option is D Milk
Soap is foam in which disperse phase is gas and dispersion medium is
liquid. Ink is a solution in which disperse phase is solid and
dispersion medium is liquid.
But as per 1st line of passage, the colloidal solutions in which disperse phase as well as dispersion medium are liquids, are emulsions, Milk is colloidal solutions in which disperse phase as well as dispersion medium are liquids, Thus Milk is emulsion.
Thus Option D is correct answer.