The correct option is C I, II and IV only
Otto Warburg observed that O2 inhibits photosynthesis in C3 plants. So, the phenomenon of decrease in the rate of photosynthesis at high oxygen content is known as Warburg effect.
RuBisCO is the enzyme that incorporates CO2 into RuBP. But it is a bifunctional enzyme. It has both carboxylase and oxygenase activity.
During carboxylase activity, it will add CO2 to RuBP.
During oxygenase activity, it will oxidise RuBP and form 2-phosphoglycolate and 3-phosphoglycerate. When [CO2]: [O2] ratio is high, the enzyme will have carboxylase activity and when it is low the enzyme will have oxygenase activity.
2-phosphoglycolate is metabolized by glycolate cycle and this pathway involves three organelles: chloroplast, peroxisome and mitochondrion.