When two identical right circular cones are assembled such that one is inverted over the other and they share a common circular base, the cross-section formed by a cutting plane passing through the vertices will result in an ellipse.
This is because the cross-section will intersect both cones at various angles, creating an elliptical shape. The widest part of the ellipse will correspond to the diameter of the circular base of the cones, and the length of the ellipse will vary depending on the angle of the cutting plane relative to the axes of the cones.
So, the correct answer is:
C. An ellipse