Answer: C Subject is 'material' and it has been treated here as uncountable and singular (there is). That's why it should be 'too much'. We cannot make material plural putting 's' because then we will have to change B as 'there are' and then there will be mistakes in both of the them.
Q. No. 14:
Sneha's two sisters(A)/ are both(B)/ very intelligent and hard working,(C)/ still, I don't know why, I like the former the most(D)