Which statement defines the price elasticity of supply?
1 )
It is a measure of how the price of a good responds to a change in the quantity supplied.
It is a measure of how the quantity supplied of a good responds to a change in its price.
3 )
It is a measure of how the supply of a good responds to a change in its cost of production.
4 )
It is a measure of how the supply of good X responds to a change in the price of good Y.
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