What are Public Goods? Explain their features with the help of examples. Is the efficient provision of a public good different than the efficient provision of a private good? Explain your response with the help of appropriate diagrams

Public goods are goods or services that are non-excludable and non-rivalrous in nature, meaning that they are available to all individuals in a society and one person's consumption of the good does not diminish its availability to others. Public goods are typically provided by the government or through collective action because they have characteristics that make it difficult for the private market to efficiently provide them.

The features of public goods can be explained as follows:

1. Non-excludability: Public goods cannot be easily restricted or excluded from individuals who do not pay for them. Once the good is provided, everyone in the society can benefit from it, regardless of whether they have contributed towards its provision or not. For example, street lighting is a public good. Once it is installed, it benefits all residents of a neighborhood, regardless of whether they have directly paid for it or not.

2. Non-rivalry: The consumption of a public good by one individual ______ ______ ___ ________ ____ _____ _______.
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