Step 1: Understanding the Concept:
The ozone layer is a region of high ozone ($O_3$) concentration in the Earth's stratosphere. It acts as a shield for the planet.
Step 2: Detailed Explanation:
The ozone layer absorbs the majority (about 97-99%) of the Sun's medium-frequency Ultraviolet (UV) radiation. Without this protection, high levels of UV rays would cause skin cancer, cataracts, and damage to crops and marine life.
Step 3: Final Answer:
The correct option is (c).