Step 1: Understanding the Concept:
The photoelectric effect is the emission of electrons from a metal surface when light of a specific frequency strikes it. It follows Einstein's photoelectric equation: \(h\nu = h\nu_0 + K.E._{max}\).
Step 2: Detailed Explanation:
1. Statement (i): Incorrect. There is no time lag; it is an instantaneous process.
2. Statement (ii): True. The photocurrent (number of electrons) depends on the intensity of light, provided the frequency is above the threshold.
3. Statement (iii): True. \(\nu_0\) is the minimum frequency required to overcome the work function of the metal.
4. Statement (iv): Incorrect. Kinetic energy \(K.E. = h\nu - h\nu_0\). Since \(\nu = c/\lambda\), as wavelength (\(\lambda\)) increases, frequency (\(\nu\)) decreases, and consequently, kinetic energy decreases.
Step 3: Final Answer:
Statements (ii) and (iii) are the only true statements.