Electronic Devices Optical Devices Light Emitting Diode (LED)

In the context of LEDs, what does the term "quantum efficiency" refer to?

1
The number of photons absorbed per second. 
2
The ratio of the number of photons emitted into free space per second to the number of electrons injected into LED per second. 
3
The efficiency of converting electric energy into magnetic fields. 
4
The efficiency of converting electric energy into heat.

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