The correct answer is A. App Builder property, as keyed in the uploaded Master Study Guide.

The key requirement is that administrators, rather than developers, should be able to change the component's functionality or styling depending on the page where the component is placed. An App Builder property provides the configuration surface identified by the guide for exposing component-level settings to administrators.

This enables a reusable custom Lightning Web Component to behave differently according to the configuration selected in Lightning App Builder. Instead of creating separate components for every page context, the component can expose configurable properties.

Option B, Styling hooks, addresses styling customization but does not satisfy the broader requirement to allow an administrator to change both functionality or styling through page-specific component configuration.

Option C, Audience page variations, concerns delivering page variations according to different audiences rather than configuring reusable properties of the component itself.

The design principle is configurable reuse: a well-designed custom component can expose meaningful settings so administrators can adapt it to multiple page contexts without modifying source code or duplicating the component.

Study Guide reference/topics: App Builder properties, Lightning Web Components, configurable components, administrator customization, Declarative Design.

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