The given graph is for :

Instantaneous rate of reaction

The correct answer is option 2. Instantaneous rate of reaction. 

The graph provided is for molar concentration (M) versus time. To find the correct answer from the given options let us look at each of the options:

1. Average rate of reaction :

The average rate of a chemical reaction is a measure of how the concentration of reactants or products changes over a given time interval. It represents the average rate of change in concentration per unit time during that interval. This is not directly determined from a single point or segment on the graph, it typically involves calculating the change in concentration over a given time interval.

2. Instantaneous rate of reaction:

The instantaneous rate of a reaction refers to the rate at a particular moment in time during the course of a chemical reaction. It represents the rate of change in the concentration of reactants or products at that specific instant. This can be determined at the specific point on the graph. It can be calculated from the slope of the tangent to the curve at that point.

3. Initial rate for product: The initial rate for the product can be determined by looking at the slope of the tangent to the curve at the very beginning of the reaction (near, t = 0)

4. Final rate for reactant: The final rate for the reactant is not typically determined from a single point on the graph; it may involve looking at the rate when concentration is close to zero.

Hence the correct answer is 2. Instantaneous rate of reaction.