pls I need help with questions 22 and would you pls check if my answer for the other questions are correct. Thank you

22. Hunter Smith, a research analyst made the following statements during his discussion with junior analysts. Statement 1: "The construction and replication of fixed income indices is more difficult and challenging than equity-market indices." Statement 2: "The fixed income universe is less broad than that of equities. Smith is most likely correct with respect to: A. Statement 1. B. Statement 2. C. both statements 1 and 2. 23. When the market is efficient: A. asset's intrinsic value needs to be estimated independently. B. it provides opportunities to investors for active investment. C. short selling is considered to be permitted With respect to market anomalies, research has revealed that: A. stocks tend to exhibit relatively higher returns on weekends compared to returns on weekdays. B. stocks with high dividend yield and low price to earning ratio outperform the market. C. stocks of small cap companies tend to under-perform stocks of large cap companies. 25. An industry whose growth starts to slow down, demand approaches saturation levels and firms are encouraged to offer price-cuts most likely falls under: A. shake out stage. B. maturity stage. C. decline stage