Which pair of shapes represents the equivalent fractions?

The correct option is (C).

Total number of parts in first circle $=2$

Number of parts colored $=1$

Fraction represents the circle is $\frac{1}{2}$

Total number of parts in second circle $=4$

Number of colored parts $=2$

Fraction represents the circle is $\frac{2}{4}=\frac{1}{2}$

Therefore, both circles represents the equivalent fractions.