The correct answer is option 3: erect, virtual, and larger than the object.
When the magnification produced by a lens is positive, it means that the image formed is erect or upright. This means that the image is not inverted or flipped.
The term "virtual" refers to the image being formed on the same side of the lens as the object. This means that no actual light rays converge at the point where the image appears, but our eyes perceive the light as if it is coming from that point.
When the magnification is greater than 1, it means that the image is larger than the object. In this case, a magnification of +2 indicates that the image is twice the size of the object.
Therefore, the correct answer is option 3: The image produced by the lens is erect, virtual, and larger than the object.