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.
Sony launched its CDP-101âthe first commercialized CD player in 1982. Sony and Philips paid royalties from CD player sales to Battelle and to Optical Recording Corporation. Time-Warner and other disc manufacturers settled with the Optical Recording Corporation in 1992, paying $30 million for patent infringement.