Step 1: Understanding Sewall Wright effect.
Sewall Wright effect is also known as genetic drift. It refers to random changes in allele frequencies that occur due to chance events.
Step 2: Nature of the process.
These changes are not caused by natural selection, mutation, or migration, but occur randomly, especially in small populations.
Step 3: Identifying the correct option.
Option (C) correctly describes genetic drift as random alteration in allele frequency by chance.
Step 4: Eliminating other options.
Options (A) and (B) describe gene flow, while option (D) refers to mutation.