Step 1: For an elastic collision involving objects of identical mass, their velocities are exchanged.
Before the collision:
\[
v_A = 5 \, \text{m/s}, \, v_B = 2 \, \text{m/s}, \, v_C = 4 \, \text{m/s}
\]
After the collision:
\[
v_A' = 2 \, \text{m/s}, \, v_B' = 4 \, \text{m/s}, \, v_C' = 5 \, \text{m/s}
\]
Step 2: The assertion posits that after a prolonged duration, the velocities will stabilize at \( v_A = 4 \, \text{m/s}, v_B = 2 \, \text{m/s}, v_C = 5 \, \text{m/s} \). This aligns with the principle of elastic collision, where velocity exchange occurs.
Step 3: The reason also appears valid; in an elastic collision between masses of the same size, the objects' velocities do indeed interchange. However, the assertion describes a scenario where objects attain their terminal velocities after an extended period. Consequently, the reason does not accurately explain the assertion, rendering option (4) the correct choice.