Step 1: Understanding the Concept:
Since the question only asks for the ratio $x/l$, pick a convenient value for $l$ and solve the numeric case first, then read off the ratio. Take $l = 1$.
Step 2: Key Formula or Approach:
With $l = 1$, string P has length $1$ and string K, being a semicircular arc over a diameter of $1$, has length $\dfrac{\pi}{2}$ (half the circumference $\pi \times 1$ of the full circle with that diameter).
After cutting a length $x$ from each string, the new string P has length $1 - x$ and the new string K has length $\dfrac{\pi}{2} - x$. The new string K, bent into a full circle, uses the new string P as its diameter, so:
\[ \text{new K length} = \pi \times (\text{new P length}) \]
Step 3: Detailed Explanation:
Substitute the expressions from Step 2 into that relation:
\[ \frac{\pi}{2} - x = \pi(1 - x) \]
\[ \frac{\pi}{2} - x = \pi - \pi x \]
Move every $x$ term to the left and every constant to the right:
\[ \pi x - x = \pi - \frac{\pi}{2} \]
\[ x(\pi - 1) = \frac{\pi}{2} \]
\[ x = \frac{\pi}{2(\pi - 1)} \]
Since $l = 1$ was chosen, this value of $x$ is directly the ratio $x/l$ as well, because $x/l = x/1 = x$.
For a general $l$, the same working scales exactly (multiply the string-P length, string-K length, and $x$ all by $l$), so the ratio comes out identical for any choice of $l$.
Step 4: Final Answer:
$x/l = \dfrac{\pi}{2(\pi - 1)}$, matching option (C). \[ \boxed{\dfrac{x}{l} = \dfrac{\pi}{2(\pi - 1)}} \]