Every year, over 200,000 tourists come from all over the world to visit the Taj Mahal in India. On any given day outside the Taj Mahal, there are many local vendors selling exactly the same souvenirs to tourists at the same price.

1.The demand curve of the souvenir market is perfectly elastic.

2.The demand curve of a souvenir vendor is perfectly elastic.

3.The demand curve of the vendor is perfectly inelastic.

Which of the above statements are true:

Only 1 is true.

Only 2 is true.

Both 1 and 2 are true.

Both 2 and 3 are true.

All three are true.