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Get access to the detailed solutions to the previous year's questions asked in XAT exam.
According to the passage, competitive markets ensure efficiency for private goods, and private goods are those from which anindividual can be excluded.
Among the options, only Air is an entity that is freely available and from which people cannot be excluded.
Thus, it is a public good. All other options are private goods for which markets can be efficient.
Hence, the answer is option C.