ECON 200 Lecture Notes - Lecture 10: Labor Management Relations Act Of 1947, Adjusted Gross Income, Social Cost
Document Summary
A public good is a good that is neither excludable non-rival. A common resource is a good that is not excludable but is rival. The marginal social benefit of a public good is the sum of our marginal private benefits. We should continue to increase the quantity of a public good as long marginal social cost. A free rider is a person who receives the benefit of a good but avoids paying for it. Right to work laws are laws that prohibit agreements that require workers to join a union. States have the right to pass right to work laws under section 14(b) of the 1947 taft- 25 states have passed right to work laws or have a right to work provision in their state constitution. When they"re ready to lay eggs, they look out for other birds who made their nests.