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.
By the time CDs were introduced on the market in November 1982, a catalogue of around 150 titles â mainly classical music â had been produced. The first CDs and CD players â including Philipsâ CD100 â were introduced in Japan in November, followed by a US and European market introduction in March of 1983..