Step 1: Understanding the Concept:
The "range" of an inverse trigonometric function is also known as its Principal Value Branch. For $\cos^{-1} x$, we restrict the domain of the original cosine function to make it bijective.
Step 2: Formula Application:
The cosine function is one-one and onto in the interval $[0, \pi]$. Therefore, the range of the inverse function $\cos^{-1} x$ is $[0, \pi]$.
Step 3: Explanation:
This means the value of $y$ (the angle) must fall between $0$ and $\pi$ radians ($0^\circ$ and $180^\circ$), inclusive.
Step 4: Final Answer:
The correct option is (a).