George is deciding whether to pay $5 for a can of soft drink at a market stall, or wait 30 minutes for a free can of soft drink at another stall. An economist would reason that: 1. The scarcity principle does not apply. 2. Soft drink is a scarce resource. 3. Time is a scarce resource. Which of the following statements are true: Only 1 is true. Only 2 is true. O Both 1 and 2 are true. O Both 2 and 3 are true. All three are true