When two solutions separated by a selectively permeable membrane reach osmotic equilibrium, the correct statement is:
Water molecules move between the two solutions, but there is no net movement of water across the membrane.
At osmotic equilibrium, the concentrations of solute on both sides of the membrane become equal, which means that, while individual water molecules may still move across the membrane, the overall movement of water does not favor one side over the other. This results in no net change in the volume of either solution.