Select all that apply Which of the following statements characterize the growth stage of the industry life cycle? Multiple select question. Sometimes other firms jump in to take advantage of the growth and may be called the boom. Sometimes products or services becomes so popular that the firms are unable to keep up with demand and it becomes known as a "hot" product. Demand for the product or service usually tapers off and decreases within a short period of time. It is where customer purchases increase at a dramatic rate