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.
In April 1982 Philips showed off a production CD player for the first time. From now on, the conventional record player is obsolete, said Lou Ottens. The first commercial CDs pressed were The Visitors by Abba and a recording of Herbert von Karajan conducting the Alpine Symphony by Richard Strauss.