Consider the following statements. 1. The stage of industry's development (life cycle) cannot influence the nature of competitive rivalry. 2. As the industry starts to mature in terms of life cycle, rules are rejected, consumer expectations about quality and performance are blurred and industry standards are put for modification. 3. A major feature of maturing industries is the tendency for competition based on product pricing becoming similar. 4. In declining industries, only the most efficient firms can earn reasonable profits. In the light of industry life cycle. Which of the above statements are true?

Answer: Option A