Examlex
According to the text,economists identify that the reason why traffic congestions exists and waste large amounts of resources in the economy is because:
Bromides
Compounds containing a bromine ion or a derivative thereof; in colloquial usage, a bromide is a commonplace or boring statement intended to placate or pacify.
Platitudes
Often overused statements or remarks that are intended to convey moral or practical truths, but are perceived as lacking in originality or sincerity.
Pareto Efficient Allocation
An economic state where resources are allocated in such a way that it is impossible to make one individual better off without making at least one individual worse off.
Strictly Convex Preferences
Preferences that demonstrate a consumer's increasing marginal rate of substitution, indicating a strong preference for diversified bundles of goods over homogeneous bundles.
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