The correct answer is:
a. The volume of the balloon will decrease.
When a balloon is taken outside on a very cold day, the temperature of the gas inside the balloon decreases, causing the gas particles to move less vigorously. According to Charles's Law, which states that the volume of a gas is directly proportional to its temperature (in Kelvin) when pressure is held constant, the decrease in temperature will lead to a decrease in the volume of the gas inside the balloon.