In the table above, the value of marginal product of the third unit of labor is

At the market equilibrium

a. quantity exceeds price b. excess demand equals excess supply (and both are zero) c. price and quantity are equal d. each seller produces at full capacity e. everyone who is represented along the demand curve buys the good

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