Taking Advantage of Utilizing Existing Resources and Infrastructure to Plan

question 20

Multiple Choice

Taking advantage of utilizing existing resources and infrastructure to plan communities is described as

• A)smart growth.
• B)sustainable growth.
• C)urban sprawl.
• D)brownfield development.

---

Definitions:

Price Takers

Market participants who accept prevailing prices because they have no power to influence the market price due to their small market share.

Perfect Competition

A market structure characterized by a large number of small firms, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.

Diminishing Marginal Returns

A principle stating that as more of a variable input is added to a fixed input, the additional output from each new unit of input will eventually decrease.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.