In the context of eutectoid steel, the Pearlite microstructure consists of alternating layers of two phases: \( \alpha \) ferrite and cementite.
- Ferrite (\( \alpha \)) is a soft and ductile phase of iron with a body-centered cubic (BCC) structure.
- Cementite (Fe₃C) is a hard and brittle iron-carbon compound with a orthorhombic crystal structure.
When eutectoid steel (which has 0.8% carbon content) is cooled slowly, it transforms from austenite (gamma phase) into pearlite at the eutectoid composition. This transformation occurs at the eutectoid temperature of 727°C.
Thus, pearlite consists of alternating layers of ferrite and cementite, not any other phases like martensite, bainite, or austenite.
Therefore, the correct answer is (C).