Production and exchange is beneficial as long as the demand curve lies below the supply curve

Economic reasoning is based on the premise that: a. all decisions or actions are costless

b. only non-economic decisions or actions have a cost associated with them. c. only economic decisions or actions have a cost associated with them. d. all decisions and actions have a cost associated with them.

Raiman's Shoe Repair produces custom-made shoes. When Mr. Raiman produces 12 pairs per week, the marginal cost of the 12th pair is $84, and the marginal revenue of the 12th pair is $70 . What would you advise Mr. Raiman to do?

a. shut down the business b. produce more custom-made shoes c. decrease the price d. produce fewer custom-made shoes