However, in a market where the equilibrium price is $5 and the price floor is set at $4, there will be no effect on supply because the price floor must be set higher than the market price in order for it to have an effect on inventories.
In 1983, the portable CD player came as a boon for those who liked to listen to their choice of music while on the go.
And it was, Philips points out, the first ever digital mass consumer product to find its way into almost every consumer's home. It's also worth remembering a broader, and maybe just slightly sadder, thing: that when compact discs and their players were introduced in 1982, CDs were The Future.