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.
Compact disc. Compact disc (CD) is a digital optical disc data storage format released in 1982 and co-developed by Philips and Sony. The format was originally developed to store and play only sound recordings but was later adapted for storage of data (CD-ROM).