Which of the following statements about the reaction given below is correct?

4Fe(s)+3O2(g)2Fe2O3(g)

1. Total mass of iron and oxygen in reactants = total mass of iron and oxygen in product therefore it follows the law of conservation of mass
2. Total mass of reactants = total mass of product, therefore, the law of multiple proportions is followed
3. The amount of Fe2O3 can be increased by taking any one of the reactants (iron or oxygen) in excess.
4. The amount of Fe2O3 produced will decrease if the amount of any one of the reactants (iron or oxygen) is taken in excess.

1.  HINT: Limiting reagent concept
According to the law of conservation of mass,
Total mass of reactants = Total mass of products
Amount of Fe2O3 is decided by limiting reagent.