(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 explic...

(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]