Which one of the following statements is an appropriate description of deflation?

Which one of the following statements is an appropriate description of deflation?
1). It is a sudden fall in the value of a currency against other currencies
2). It is a persistent recession in both the financial and real sectors of economy
3). It is a persistent fall in the general price level of goods and services
4). It is a fall in the rate of inflation over a period of time

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