When resistors are connected in parallel, the total resistance of the system is less than the smallest individual resistor. In this case, the smallest resistor has a resistance of 2 ohms.

Option 1: less than 2 ohm - This option is correct. The equivalent resistance of the system is indeed less than 2 ohms because the resistors are connected in parallel.

Option 2: more than 2 ohm but less than 4 ohm - This option is not correct. The equivalent resistance is smaller than the smallest resistor, which is 2 ohms.

Option 3: 4 ohm - This option is not correct. The equivalent resistance is smaller than 4 ohms.

Option 4: 14 ohm - This option is not correct. The equivalent resistance is much smaller than 14 ohms.

Thus, the correct answer is option 1: less than 2 ohm. The equivalent resistance of the system is less than 2 ohms because the resistors are connected in parallel.