**Core Concept**
Peripheral chemoreceptors are specialized sensors located in the carotid and aortic bodies that detect changes in the chemical composition of arterial blood, particularly the levels of oxygen, carbon dioxide, and pH. They play a crucial role in regulating breathing and maintaining acid-base balance.

**Why the Correct Answer is Right**
The correct answer is related to the detection of carbon dioxide levels by peripheral chemoreceptors. Carbon dioxide diffuses into the chemoreceptor cells, where it is converted to carbonic acid by the enzyme carbonic anhydrase. This reaction increases the hydrogen ion concentration, which in turn stimulates the chemoreceptor cells to send signals to the brain, leading to an increase in ventilation. The carotid bodies are more sensitive to changes in carbon dioxide levels than the aortic bodies.

**Why Each Wrong Option is Incorrect**
**Option A:** This option is incorrect because peripheral chemoreceptors are not primarily responsible for detecting changes in oxygen levels; that is the role of central chemoreceptors, which respond to changes in pH.
**Option B:** This option is incorrect because peripheral chemoreceptors do not play a significant role in regulating body temperature; that is the role of the hypothalamus and other thermoregulatory centers in the brain.
**Option C:** This option is incorrect because peripheral chemoreceptors are not directly involved in regulating blood pressure; that is the role of baroreceptors, which detect changes in blood pressure and send signals to the brain to adjust heart rate and vascular tone.

**Clinical Pearl / High-Yield Fact**
Peripheral chemoreceptors are more sensitive to changes in carbon dioxide levels than oxygen levels, which is why they are more important for regulating breathing during exercise or other high-intensity activities.

**Correct Answer:** C.