Black Cleaver is a support item, its only capitol value is shread so multiple allies can deal more damage, typically a tanky DPS choice since it also offers a variety of AD, AS and shread. Unless you have an ally to benefit from the shread razor will almost always be better, even with MR, that passive and greater AS will probably deal more than the difference in damage and shread, and doesn't razor still have armor?
In some cases though, the cost effectiveness and supplement of other AD items may make Cleaver more valuable, if your also getting more AD, Crit, and LS, Cleaver will amp those more than MBR which has less physical damage and only a little more AS vs shread, but if your some hybrid AS who focused spell pen over Apen, MBR has significantly more value, in particular, a hybrid on hit with wits, MBR, and void staff can be obnoxious.
What they do alone and how they build with other items varies greatly.