Yeast produces the carbon dioxide responsible for bread rising through the process of glycolysis followed by fermentation (specifically alcoholic fermentation). During glycolysis, glucose is broken down to produce energy, and in the absence of oxygen, yeast ferments the sugars to produce ethanol and carbon dioxide. The carbon dioxide gas gets trapped in the dough, causing it to rise.
So the correct answer is glycolysis (although it's important to note that fermentation also plays a critical role in this process).
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