Step 1: Approach
Put in a number for the length to see the ratio.
Step 2: Take $L=4$
Circle: radius $\dfrac{4}{2\pi}=\dfrac2\pi$, area $\pi\cdot\dfrac4{\pi^2}=\dfrac4\pi$. Square: side 1, area 1.
Step 3: Ratio
$\dfrac{M}{M_1}=\dfrac{4/\pi}{1}=\dfrac4\pi$. Option (B).
Final Answer:
For the same wire length the circle has area L squared over 4 pi and the square L squared over 16, giving 4/pi, option (B).
\[ \boxed{\frac{4}{\pi}} \]