In this sentence-improvement question on tense and aspect, choose which phrase, if any, should replace the highlighted part "and this would hopefully open up the market" in the sentence "The co-production agreement has already resulted in several film ventures being signed, and this would hopefully open up the market for more Indian films and television programs."

Introduction / Context:
This question focuses on the correct use of tense and aspect in a complex sentence talking about present results and expected future impact. The given sentence is: "The co-production agreement has already resulted in several film ventures being signed, and this would hopefully open up the market for more Indian films and television programs." You must decide whether the highlighted phrase "would hopefully open up the market" should be replaced by one of the suggested alternatives (i, ii, iii), or whether no correction is required.

Given Data / Assumptions:

• Main clause: "The co-production agreement has already resulted in several film ventures being signed".
• Highlighted phrase: "and this would hopefully open up the market for more Indian films and television programs."
• Option (i): and this hopefully open up the market.
• Option (ii): and this hopefully opened up the market.
• Option (iii): and this is hopefully opening up the market.
• The sentence describes current results and an ongoing positive impact, not a distant hypothetical situation.

Concept / Approach:
The first part of the sentence is in the present perfect tense ("has already resulted"), which connects past actions to their current results. The second part speaks about the effect of this agreement on the market. Using "would" is more appropriate when expressing a hypothetical situation or a future in the past, which is not the case here. We require a form that shows an ongoing, current process of opening up the market. Among the options, "is hopefully opening up the market" best matches the tense and meaning of the first clause and keeps the statement anchored in the present time.

Step-by-Step Solution:
Step 1: Notice the tense in the first clause: "has already resulted", which is present perfect. Step 2: Recognize that the effect on the market is not hypothetical; it is a real and current process. Step 3: Evaluate the original phrase with "would hopefully open up", which sounds like a future possibility from a past viewpoint and is less appropriate here. Step 4: Consider option (i) "and this hopefully open up the market" – this is grammatically incorrect because "open" should be "opens" or "is opening"; the verb form is wrong. Step 5: Consider option (ii) "and this hopefully opened up the market" – simple past "opened up" does not match well with "has already resulted" and suggests a completed action in the past. Step 6: Consider option (iii) "and this is hopefully opening up the market" – present continuous describes an effect that is happening now as a result of the agreement, which fits the meaning. Step 7: Conclude that only option (iii) gives a grammatically correct and contextually appropriate replacement.

Verification / Alternative check:
Rewriting the sentence with option (iii), we get: "The co-production agreement has already resulted in several film ventures being signed, and this is hopefully opening up the market for more Indian films and television programs." This combination flows smoothly, connects past actions to current results, and expresses ongoing change. In contrast, "would hopefully open up" would be more suitable if we were describing what might happen under some condition, such as "If the agreement were signed, this would hopefully open up the market", which is a different structure.

Why Other Options Are Wrong:
Option (i) lacks correct verb agreement; "this hopefully open up" is ungrammatical without "opens" or "is opening". Option (ii) uses simple past "opened up", which conflicts with the present perfect in the main clause and implies the market effect is already fully completed in the past. "No correction required" would keep "would hopefully open up", but this suggests an unreal or hypothetical effect and is less accurate than the present continuous for the given context.

Common Pitfalls:
A common error in such questions is to ignore the tense of the first part of the sentence and choose an option that sounds fine in isolation. Another trap is assuming that any sentence containing "would" must be more formal or correct. In reality, "would" is used for conditional or hypothetical situations and cannot replace present forms when describing actual ongoing effects. Always align the tense and aspect of the second clause with the logical time frame established in the first clause.

Final Answer:
The correct choice is Only iii, so the improved sentence uses the phrase "and this is hopefully opening up the market".