**Core Concept**
The development of the pharyngeal arches is a crucial aspect of embryonic development, giving rise to various structures of the head and neck. The pharyngeal arches are formed from cranial mesoderm and are characterized by specific cartilaginous, muscular, and nervous components. Each arch is associated with distinct cranial nerves and is involved in the formation of various head and neck structures.

**Why the Correct Answer is Right**
The third pharyngeal arch is primarily associated with the formation of the hyoid bone and the stylohyoid ligament. The cartilage of the third arch contributes to the development of the lesser cornu (cornu of the hyoid bone) and the body of the hyoid bone. This is due to the influence of the third branchial pouch and the third cranial nerve (the mandibulovascular nerve, which is a branch of the glossopharyngeal nerve).

**Why Each Wrong Option is Incorrect**
**Option A:** This is not directly related to the third pharyngeal arch.
**Option B:** This is not a correct association with the third pharyngeal arch.
**Option C:** This is not a correct association with the third pharyngeal arch.

**Clinical Pearl / High-Yield Fact**
The pharyngeal arches are critical in understanding the embryonic development of the head and neck. The association of specific cranial nerves with each pharyngeal arch is essential for diagnosing congenital anomalies and developmental disorders.

**Correct Answer:** C. The lesser cornu of the hyoid bone is derived from the cartilage of the third pharyngeal arch.