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Cindy has downloaded an app for Panera Bread on her mobile phone that alerts her to specials being offered. The app also identifies the nearest locations and directions to get there. This is an example of:
Productive Efficiency
A situation in which an economy or entity is operating at maximum capacity, producing goods or services at the lowest possible cost.
Long-Run Equilibrium
A state in economics where all factors of production and outputs in an industry or market adjust fully to any changes, leading to a stable condition where no participant has an incentive to change behavior.
Spillovers
Economic events in one context that have effects on a third party or in a different context, often external to the initial economic activity.
Marginal Cost
The additional cost incurred by producing one extra unit of a good or service.
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