Step 1: Recognize the reaction type.
This reaction involves the carboxylation of phenol (\( \text{C}_6\text{H}_5\text{OH} \)) in the presence of carbon dioxide (\( \text{CO}_2 \)). The phenol undergoes a reaction with \( \text{CO}_2 \), forming benzoic acid. This is a typical reaction for phenol in the presence of carbon dioxide.
Step 2: Identify the product.
When phenol reacts with \( \text{CO}_2 \), the product is benzoic acid (\( \text{C}_6\text{H}_5\text{COOH} \)), as the carboxyl group (\( \text{-COOH} \)) is introduced at the position of the hydroxyl group.
Step 3: Final conclusion.
Thus, the product of the reaction is:
\[
\boxed{(2)\ \text{Benzoic acid}}
\]