The right answer is to monitor the increase or the decrease of gases which are O2 and CO2.
In photosynthesis:
It takes carbon dioxide and water to synthesize a molecule of glucose, releasing oxygen, thanks to the light energy. So we can monitor either the increase in oxygen or the decrease in carbon dioxide.
6 CO2 + 6 H2O + light energy → C6H12O6 (glucose) + 6 O2
In the cellular repsiration:
Breathing is a physiological process that supplies the body with oxygen and releases it from carbon dioxide. So we can monitor either the increase in CO2 or the decrease in O2.
C6H12O6 (glucose) + 6 O2 → 6 CO2 + 6 H2O + ATP