Final answer:
Tetrapods are a subgroup within lobe-finned fishes, and lobe-finned fishes are a sister group to ray-finned fishes.
Step-by-step explanation:
The correct relationship between lobe-finned fishes, ray-finned fishes, and tetrapods in the context of vertebrate evolution is:
B. Tetrapods are a subgroup within lobe-finned fishes, and lobe-finned fishes are a sister group to ray-finned fishes.
Lobe-finned fishes evolved into tetrapods, which include amphibians, reptiles, birds, and mammals. Ray-finned fishes, on the other hand, make up the dominant class of fishes and are characterized by fins supported by bony spines called rays. So, tetrapods are derived from lobe-finned fishes, and lobe-finned fishes are closely related to ray-finned fishes.