The time period \( T \) of an oscillating charge (or an electromagnetic wave) is related to the frequency \( f \) by the formula:
\[
T = \frac{1}{f}
\]
Where:
- \( T \) is the time period
- \( f \) is the frequency
We are given the frequency \( f = 2 \, \text{MHz} = 2 \times 10^6 \, \text{Hz} \).
Now, calculate the time period \( T \):
\[
T = \frac{1}{f} = \frac{1}{2 \times 10^6} = 5 \times 10^{-7} \, \text{s}
\]
Thus, the time period of oscillation is \( 5 \times 10^{-7} \) seconds.
Hence, the correct answer is (C) \( 5 \times 10^{-7} \) s.