please do all parts in 50 minutes please urgently... I'll give you up thumb definitely

2. Consider two securities with identical positive payoffs, which of the following statements is false? (2 points) 1) Under the law of one price, these two securities should have the same price. 2) The strategy to arbitrage any price discrepancy is to buy the cheap security and sell the expensive one. 3) The strategy to arbitrage any price discrepancy is to buy the expensive security and sell the cheap one. 4) If there are transaction costs, no-arbitrage does not imply that the prices of these securities should be identical. 5) The larger the transaction costs the wider the no-arbitrage bounds on the relative prices of the two securities