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In this paper, the tradeoff relationship between the spectral efficiency (SE) and energy efficiency (EE) of homogenous cellular networks in which the BSs are arbitrarily distributed is investigated. The network performance metrics of SE and EE are assessed subject to a downlink transmission outage constraint in interference-limited operational environments. The EE is expressed in closed form as a function of SE, based on which the performance bounds of the network are derived. Unlike the traditional inverse relationship between SE and EE, it is found in this paper that there exists an operational regime for which both the SE and EE increase while satisfying the outage requirement, and the density of base stations (BSs) simultaneously sharing the spectrum is optimal. The difference in the performance achieved for the SE when operating in the EE maximizing mode as compared with the SE maximizing mode strongly depends on the received signal-to-interference ratio (SIR) threshold. In the SE-EE tradeoff regime, the analytical tools from microeconomics theory are applied to determine the optimal BS density with respect to the utility achieved by the network operator via balancing the SE and EE objectives. Numerical results show that, by tuning a preference factor toward either the SE or EE metrics, it is feasible to realize Pareto optimal performance.