The correct option is B Only II and III
In C4 plants, C4 and C3 cycle occur.
In C4 cycle, PEP carboxylase fixes CO2 in mesophyll cells and Calvin cycle (in the presence of the enzyme RuBisCO) occurs in the bundle sheath cells. Hence, the locations of PEP carboxylase and RuBisCO in the leaf are different.
In these plants, there is an inner ring of bundle-sheath cells around the vascular bundles and an outer layer of mesophyll cells. This whole set up which looks like wreath is known as kranz anatomy.
In case of CAM plants which grow in arid conditions, there is a need to save water and hence, the stomata in the leaves open during the night for the gaseous exchange and remain closed during the day.
The CO2 is concentrated during the night using PEP carboxylase and, later during the day, CO2 is extracted in the same cell for Calvin cycle. Hence, the locations of PEP carboxylase and RuBisCO are same in CAM plants.