Explanation:

- Panini was a great Sanskrit grammarian, while Patanjali was the author of the Mahabhashya (a commentary on Panini's work).

- Both scholars lived and flourished during the time of the Kushanas dynasty (Option: 3), which ruled North India roughly from the 1st to 3rd century CE.

- The Pushyabhukti dynasty is best known for King Harsha and was much later.

- The Sungas dynasty, although ancient, preceded the Kushanas and is not associated with Panini or Patanjali.

- The Gupta dynasty came after the Kushanas and was famous for its own golden age of literature and science.

Correct Answer: Option 3 – Kushanas