Which statement is true regarding the licensing of vCenter Server?

vCenter Server operates in a fully functional 60-day evaluation mode after installation and does not require a license key to be entered at installation time.

vCenter Server license keys can be applied or changed at any time in the Administration panel without restarting the vCenter Server service.

vCenter Server manages ESXi hosts but is not required for basic VM power operations - the ESXi hypervisor handles actual VM power states directly. When the vCenter license expires, vCenter enters a degraded management state but ESXi hosts remain licensed and operational, so virtual machines can still be powered on through the host directly or through vCenter in its reduced-functionality mode.

vCenter Server licensing is a per-instance license tied to the server installation itself, not based on the number of managed virtual machines.