In the question given below, three sentences are given with one phrase bold in each. From the options given choose the one with the phrase that can replace the bold part in each of the three sentences without making the sentence grammatically and contextually incorrect and mark that as your answer. If all the bold phrases are correct mark 'No correction required' as your answer
I. The West Court has a paved entry from the north, but by way of steps down rather than a  equalizer.
II. Announcement of the merger is expected to  build up share prices over the next few days.
III. To stay competitive, they will have to  indulged in  product development as well as cutting prices.