Consider the following statements regarding physical processes.

I. Equilibrium is possible only in a closed system at a given temperature.

II. Both the opposing processes occur at the same rate and there is a dynamic but stable condition.

III. All measurable properties of the system remain constant.

IV. When equilibrium is attained for a physical process, it is characterised by constant value of one of its parameters at a given temperature.

V. The magnitude of such quantities at any stage indicates the extent to which the physical process has proceeded before reaching, equilibrium.

 Which of the following option is correct?