Which statement is incorrect about the make-or-buy continuum?

1. Joint ventures and equity alliances are less integrated forms on the make-or-buy continuum than short-term contracts.

2. Licensing and franchising are long-term contracts

3. Strategic alliances is an umbrella term that denotes different hybrid organizational forms, among them, long-term contracts, equity alliances, and joint ventures.

4.The make-or-buy continuum ranges from arms length transactions to activities performed in-house.