A point-by-point comparative essay compares and contrasts by topic. So the correct answer is the second option.
The purpose of a point-by-point comparative essay is to analyze differences and/or similarities of two distinct subjects. Here, the points are used to make a meaningful argument about each subject.
The point-by-point method in a comparative essay also allows us to draw direct comparisons and produce a more tightly integrated essay.
The correct usage of point-by-point method is to-
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