Final answer:
The valid-invalid bit being set to valid indicates that the associated page is currently in the system's physical address space, meaning it is present in RAM and can be accessed by the process.
Step-by-step explanation:
When the valid-invalid bit is set to valid, it means that the associated page is in the system's physical address space. The valid-invalid bit is a part of a page table entry in a virtual memory system. It indicates whether the page is present in physical memory (RAM) or not. If the bit is set to valid, the page is currently stored in physical memory and can be accessed by the process. Therefore, the correct answer is (d) Is in the system's physical address space.