Final answer:
The common ratio (r) in a geometric sequence is the quotient of any term and the preceding term, indicating a consistent factor by which each term is multiplied to get the next term. However, there is an error in the given options as none accurately define the common ratio.
Step-by-step explanation:
The common ratio (r) in a geometric sequence is defined as the ratio of any term to the previous term. This means that if you divide a term by its preceding term, you get the common ratio. The correct option for what the common ratio in a geometric sequence represents is therefore (a) 'The product of consecutive terms.' However, this seems to be an error in the given choices as the correct definition of the common ratio is the quotient of any term and the preceding term, not the product. So the correct statement should be that the common ratio is (b) The quotient of a term and its previous term, which is not explicitly presented in the options given.