Step 1: Understanding the reaction.
This reaction is known as the Kolbe-Schmitt reaction. In this reaction, phenol reacts with sodium hydroxide (NaOH) and carbon dioxide (CO\(_2\)) at high temperature to form the sodium salt of salicylic acid. Upon acidification, the sodium salt is converted into salicylic acid.
Step 2: Conclusion.
The correct product of this reaction is salicylic acid, which corresponds to option (B).