Concept:
Phosphoric acid ($H_3PO_4$) is a polybasic acid and dissociates stepwise. Each dissociation step possesses its own equilibrium constant.
Whenever individual chemical reactions are added to obtain an overall reaction, the equilibrium constants are multiplied.
Thus:
\[
K_{\text{overall}} = K_1 \times K_2 \times K_3
\]
Step 1: Writing the equilibrium constant expressions.
For the first dissociation:
\[
H_3PO_4 \rightleftharpoons H^+ + H_2PO_4^-
\]
\[
K_1 = \frac{[H^+][H_2PO_4^-]}{[H_3PO_4]}
\]
For the second dissociation:
\[
H_2PO_4^- \rightleftharpoons H^+ + HPO_4^{2-}
\]
\[
K_2 = \frac{[H^+][HPO_4^{2-}]}{[H_2PO_4^-]}
\]
For the third dissociation:
\[
HPO_4^{2-} \rightleftharpoons H^+ + PO_4^{3-}
\]
\[
K_3 = \frac{[H^+][PO_4^{3-}]}{[HPO_4^{2-}]}
\]
Step 2: Multiplying the three equilibrium constants.
\[
K_1K_2K_3 =
\left(
\frac{[H^+][H_2PO_4^-]}{[H_3PO_4]}
\right)
\left(
\frac{[H^+][HPO_4^{2-}]}{[H_2PO_4^-]}
\right)
\left(
\frac{[H^+][PO_4^{3-}]}{[HPO_4^{2-}]}
\right)
\]
Intermediate species cancel out:
\[
[H_2PO_4^-] \text{ and } [HPO_4^{2-}]
\]
Hence,
\[
K_1K_2K_3 =
\frac{[H^+]^3[PO_4^{3-}]}{[H_3PO_4]}
\]
Step 3: Comparing with the overall equilibrium expression.
For the overall reaction:
\[
H_3PO_4 \rightleftharpoons 3H^+ + PO_4^{3-}
\]
the equilibrium constant is:
\[
K_c =
\frac{[H^+]^3[PO_4^{3-}]}{[H_3PO_4]}
\]
Therefore,
\[
\boxed{K_c = K_1K_2K_3}
\]
Hence, the correct answer is:
\[
\boxed{(B)\ K_1K_2K_3}
\]