Answer : The correct option is, the concentration of the acid.
Explanation :
Molarity : It is defined as the number of moles of solute present in one liter of solution. It is represented by symbol, M. The molarity is also know as concentration.
The unit of molarity or concentration is, moles per liter or, mole/L
As we are given that, the acid has a molarity of 0.01 M that means the 0.01 M refers to the concentration of the acid or, 0.01 mole of acid present in 1 liter of solution.
Hence, the correct option is, the concentration of the acid.