Step 1: Understanding the Concept:
Most teleosts (bony fishes) utilize a gas-filled swim bladder to achieve neutral buoyancy.
However, cartilaginous fishes (Chondrichthyes) lack a swim bladder and have evolved alternative hydrostatic mechanisms.
Step 2: Detailed Explanation:
Sharks possess a massive, multi-lobed liver that can constitute up to \(20\text{--}25\%\) of their total body weight.
This liver is saturated with low-density lipids and oils, particularly squalene (which has a specific gravity of \(0.86\), much lower than seawater).
This oil-rich liver reduces the overall density of the shark's body, helping it achieve buoyancy and stay afloat.
Step 3: Final Answer:
Sharks achieve buoyancy through their large fat-filled liver, which is option (C).