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.
The compact disc or CD was introduced in the year 1982. It was originally developed for storing digital audio and digital data. It all started in the year 1979, when Philips and Sony got together to design a new digital audio disc. The team leaders of this project were Kees Immink and Toshitada Doi.