Consider the following statements regarding the advantages of closed-loop negative feedback control system over open-loop system:

1. The overall reliability of the closed-loop system is more than that of open-loop system

2. The transient response in the closed-loop system decays more quickly than in the open-loop system

3. In an open-loop system, closing of the loop increases the overall gain of the system

4. In the closed-loop system, the effect of variation of component parameters on its performance is reduced.

Of these statements:
(a) 1 and 3 are correct
(b) 1, 2 and 4 are correct
(c) 2 and 4 are correct
(d) 3 and 4 are correct.