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Option 2 : either I or II and conclusion III follow.
The least possible Venn diagram is given below:
[ alt="F1 V.B Madhu T.T.P 23.11.19 D21" src="//storage.googleapis.com/tb-img/production/19/11/F1_V.B_Madhu_T.T.P_23.11.19_D21.png" style="width: 296px; height: 52px;">
Conclusions:
I. Some Buses are cycles → False (the possibilities are true but not defined).
II. No buses are cycles → False (the possibilities are true but not defined).
III. Some bikes are cycles → True (It is defined).
In conclusion, I and II are complementary pairs so either or case is followed.
Hence, the correct answer either I or II and conclusion III follow.
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