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Detailed Video Solution with time stamp: https://youtu.be/mOfUwNN2JP8?si=GF2e0quarqJkRRrv

Source: https://gateoverflow.in/336426/nielit-2017-july-scientist-b-it-section-b-9 

Powerset of empty set is $\{ \phi \}$. $\{ \phi \}$ has two subsets, $ \phi $ , $\{ \phi \}$.

So, answer will be Option B. Powerset of empty set has exactly TWO subsets.

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