(a) Distinguish between the following pairs of cost concepts. 
    (i) Fixed cost and variable cost. (ii) Real cost and money cost 
   (iii) Implicit cost and explicit cost. [5 marks each]

(b) (I) What would you recommend to a firm whose average cost is greater than its price? [2 marks] 
(ii) Give a reason for your answer In (b)(i) above. [3 marks]