Explain the efficient provision of a public good with the help of a diagram.

Public goods are goods or services that are non-excludable and non-rivalrous in nature. Non-excludable means that once a public good is provided, it is difficult to exclude anyone from enjoying its benefits. Non-rivalrous means that one person's use of the good does not reduce the amount available for others to use. Examples of public goods include clean air, national defense, and street lighting.

The efficient provision of public goods refers to the allocation of resources in such a way that the maximum benefit is derived for society as a whole. This can be a challenging task due to the nature of public goods, which can result in market failures and the underprovision of these goods by the private sector.

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