Which one of the following statements is correct?

1. If the price elasticity of the demand for ice cream is greater than one, then the suppliers of ice cream can increase their total revenue by raising the price of ice cream.
2. The price elasticity of demand stays the same at each point along a linear demand curve.
3. A horizontal demand curve has a price elasticity of one all along the curve. This is referred to as unitary elasticity.
4. If a 10 per cent increase in university fees results in a 5 per cent reduction in the quantity of university education demanded, then the demand for university education is price elastic.
5. If the price elasticity of the demand for bread is less than one, a decrease in the price of bread will lower the total revenue of the suppliers of bread.

My Answer is (5)