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?