Chapter 10

Question 1

Aneighborhoodis defined as

Answer 1

A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises.”

Question 2

Adistrictis defined as

Answer 2

A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural.”

Question 3

Amarket areais defined as

Answer 3

The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area.”

Question 4

Animperfect marketis defined as

Answer 4

A market in which product differentiation exists, there is a lack of important product or market information, and some of the producers and/or consumers are significant enough to affect the price and quantity of goods by their actions alone.”