The two statements that best describe what happens in the climax of a story are:
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The peak of the story’s tension and the height of the action are reached.
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Subplots and plot twists are introduced and dealt with by the characters.
(Note: While the climax primarily refers to the peak of tension and action, it may also include moments where subplots and twists are addressed, depending on the story structure. However, the most definitive aspect of the climax is the peak tension.)