Which definition matches the following term?
a. When a given percent change in price leads to an equal percentage change in quantity supplied
b. When the elasticity of supply is less than one, indicating that a one-percent increase in price paid to the firm will result in a less than one-percent increase in production by the firm; this indicates a low responsiveness of the firm to price increases (and vice versa if prices drop)
c. When the elasticity of supply is greater than one, indicating that a one-percent increase in price paid by the firm leads to larger than a one-percent change in quantity supplied; this indicates a high responsiveness of the firm to price changes