The correct option is B 1→2 Isothermal expansion
2→3 Isochoric process
3→1 Adiabatic compression
From indicator diagram,
(1→2) must be an isothermal expansion, during which temperature of the system remains constant but volume is increased.
From figure (2→3) is an isochoric process, as the volume remains constant during process.
(3→1) and (1→2) both follow hyperbolic profile on the P−V curve, since curve for process (3→1) has a higher slope ( being more steep). Hence 3→1 is an adiabatic compression.