Final answer:
A standard Audio CD is the optical media capable of holding up to 80 minutes of audio with a 150 kbps data rate, using laser-read digital patterns to encode data.
Step-by-step explanation:
The type of optical media that can hold up to 80 minutes of audio and has a transfer data rate of 150 kbps is a standard Audio CD (Compact Disc). CDs use digital storage to encode data through microscopic pits and lands, with the data being read by a laser that scatters off these pits, revealing the digital pattern. They became highly popular in the 1980s and 1990s for storing not only music but also data with their large information-storage capacity. While they have been largely overshadowed by streaming services and other digital storage solutions, CDs were critical in the transition from analog to digital media.