Correct option is C
The correct substitution of the highlighted words is (c) "believed to have been written."
Error identification: "believed to be written" is incorrect because it does not accurately reflect the past perfect tense.
Grammatical Rule used: Use "have been" for actions completed in the past.
Corrected sentence: Ramayana is an ancient Sanskrit epic; it is believed to have been written around 500 BC to 100 BC.