In AM, the total power consists of:
\[
P_{total} = P_c + P_{USB} + P_{LSB}
\]
Carrier consumes most power, sidebands carry information.
Maximum efficiency occurs at 100% modulation:
\[
\eta = \frac{P_{USB} + P_{LSB}}{P_{total}} = \frac{2P_m}{P_c + 2P_m}
\]
At $m = 1$, $\eta = 50%$
Hence, AM cannot be more than 50% efficient in ideal conditions.