This is from a Singapore-Cambridge GCE O-level Biology exam (a national exam for 16-year-olds). The exam board maintains that the question is "correct and accurate"—but isn't there a typo in option C?
Here's my argument:
Merely increasing the light intensity at either Points 1 or 2 speeds up photosynthesis, but varying the light intensity at Points 3 and 4 doesn't.
Therefore, light intensity is limiting photosynthesis at only Points 1 & 2.
At Point 3, merely doubling the $\ce{CO2}$ concentration speeds up photosynthesis; on the other hand, the graph shows no evidence that varying the $\ce{CO2}$ concentrations at Points 1, 2 or 4 speeds up photosynthesis.
Therefore, $\ce{CO2}$ concentration is limiting photosynthesis conclusively at only Point 3.
As this is a data-inference question, all the four answer choices are invalid deductions.
(Asserting that $\ce{CO2}$ concentration is a limiting factor at Point 4 requires assuming that raising $\ce{CO2}$ concentration beyond 0.08% continues speeding up photosynthesis.)
Excluding Point 4 from Option C will render this question finally answerable.