The correct option is D I, III
The solution changes colour from blue to colourless because copper ions are reduced to copper metal.
Zinc (with negative E0 value) is stronger reducing agent than copper (with positive E0 value). Hence zinc can displace copper ions from its salt solution.
Magnesium (with negative E0 value) is stronger reducing agent than copper (with positive E0 value). Hence magnesium can displace copper ions from its salt solution.
Silver (with more positive E0 value) is weaker reducing agent than copper (with less positive E0 value). Hence silver cannot displace copper ions from its salt solution.