$6$: Consider our discussion of capital structure and dividend decisions: $[12]$

a$.$ In terms of capital structure, what are the primary differences between debt and equity? Explain fully. $(4)$

b$.$ What is the Modigliani and Miller Dividend Irrelevance Theory and why is it important? Explain fully. $(4)$

c$.$ With respect to the Modigliani$-$Miller Theorem, please fully explain the below figure and how it relates to the constant cost of capital: $(4)$

Fiventer $1$