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.
James T. Russell invented the compact disc. Compact Discs. It was not until 1980 that the first CD player was made; by Russellâs own company. In 1985 the Philips and Sony Corporations decided to make CD players, although some minor changes were made to the original design to suit mass production.