The characteristic polynomial of a square matrix \( A \), denoted by \( p_A(x) \), is given by:
\[
p_A(x) = \det(xI - A)
\]
We are tasked with finding for which matrices \( M \) the polynomial \( p_M(x) - p_{M^{-1}}(x) \) is constant. The key property is that for the inverse matrix \( M^{-1} \), the characteristic polynomial is related to that of \( M \) by the following relationship:
\[
p_{M^{-1}}(x) = x^n p_M\left( \frac{1}{x} \right)
\]
where \( n \) is the size of the matrix \( M \). The polynomial \( p_M(x) - p_{M^{-1}}(x) \) will be constant if the matrices satisfy the conditions derived from this relationship.
Upon evaluating the characteristic polynomials for the given matrices, we find that the condition holds for matrices:
\( M = \begin{bmatrix} 5 & 7 \\ 2 & 3 \end{bmatrix} \)
\( M = \begin{bmatrix} 1 & 2 \\ 3 & -1 \end{bmatrix} \)
\( M = \begin{bmatrix} 5 & -8 \\ 2 & -3 \end{bmatrix} \)
Thus, the correct answer is:
\[
\boxed{
\text{(A)} \, M = \begin{bmatrix} 5 & 7 \\ 2 & 3 \end{bmatrix}, \quad
\text{(C)} \, M = \begin{bmatrix} 1 & 2 \\ 3 & -1 \end{bmatrix}, \quad
\text{(D)} \, M = \begin{bmatrix} 5 & -8 \\ 2 & -3 \end{bmatrix}
}
\]