Final answer:
The holders of a combined M1/M2 license exercise both M1 and M2 license ratings privileges, which relate to aircraft maintenance for non-turbojet and all aircraft, respectively. The provided options did not directly relate to M1/M2 certifications, as they touched upon other types of aviation licenses.
Step-by-step explanation:
The question pertains to aviation certification and licensing, specifically relating to the M1/M2 license, which is a designation used in certain countries (such as Canada) for aircraft maintenance engineers (AMEs). Holders of the combined M1/M2 license are authorized to exercise the privileges of both the M1 and M2 license ratings. The M1 rating relates to the maintenance of non-turbojet aircraft, while the M2 rating applies to all aircraft. Therefore, the correct answer to the student's question is that holders of combined M1/M2 licenses exercise M1 and M2 license ratings privileges as well. There are no options provided exactly matching this description, suggesting there might be a misunderstanding in the provided options. The question possibly intends to ask which of the license rating holders of combined M1/M2 license exercise, and in the context of the options given, none directly relate to M1/M2 certifications, as they rather pertain to pilot or aircraft categories (like commercial, private, fixed-wing, rotary-wing) or completely different certifications (airframe, powerplant, which are categories of mechanic licenses in the United States).