The correct answer is “Emulsion”.
Milk is an emulsion, which is a mixture of two immiscible (अमिश्रणीय) liquids, one of which is dispersed as droplets in the other. In the case of milk, fat droplets are dispersed in water. This makes milk an oil-in-water emulsion.
Emulsions are stabilized by emulsifying agents, such as proteins and phospholipids, which prevent the fat droplets from separating out of the water phase.