Which of the following does not stimulate peripheral chemoreceptors?

Hypercapnia is a stimulus not hypocapnia.   Low perfusion produces hypoxia and hypercapnia at the level of chemoreceptors; thus stimulating them.   Peripheral arterial chemoreceptors in the carotid and aortic bodies have very high rates of blood flow. These receptors are primarily activated by a reduction in partial pressure of oxygen (PaO2), but they also respond to an increase in the partial pressure of carbon dioxide (PaCO2) and pH.  Reference: Ganong’s Review of Medical Physiology T W E N T Y - F I F T H   E D I T I O N page no 593