The graph shows the changing levels of hormones during menstruation and ovulation. What happens to hormone levels during ovulation, and why is this important?

The right answer is A
Estrogens are all hormones secreted by the ovary. The level of this hormone in the blood increases especially at the time of ovulation.
After the release of the egg during the menstrual cycle, the ovary continues to work. The cells of the empty shell (called the corpus luteum) that contained the egg thus make progesterone on the second part of the cycle, before having a further fall in their production at the beginning of the next cycle.
The plasma discharge of a high dose of FSH and especially of LH triggers the ovulation which takes place 36 hours after the beginning of the rise of the ovulatory peak.
Importance of ovulation.
LH, luteinizing hormone allows to release the egg from the mature follicle and out of the ovary to reach the fallopian tube and wait for a possible fertilization by a sperm
LH also allows the formation of the corpus luteum during the second phase of the cycle and is responsible for the cellular transformation of granulosa cells into large luteal cells (luteinization), the source of progesterone.