An algorithm has a time complexity defined in Big O notation as $O(n^3).$ How can you describe this situation?

Of all functions that depend on the instance size $n$ that are used to measure the time complexity for the algorithm, their upper bound is a third$-$degree polynomial in $n.$

The algorithm's time is given by $n^3$ bits, where $n$ is the size of data.

The time taken by the algorithm is $n^3$ microseconds, where $n$ is the size of the data.

Of all functions that are used to model the time complexity for the algorithm, any third$-$degree polynomial in $n$ the instance size provides the lower bound.