Question

The advent of the portable digital audio player called the _____ in 2001 quickly revolutionized the music business.

a) iPod
b) Walkman
c) Zune
d) MP3 player

Answer 1

The advent of the iPod revolutionized the music business. The four-step process can be used to analyze its impact on the Sony Walkman.

Step-by-step explanation:

The advent of the portable digital audio player called the iPod in 2001 quickly revolutionized the music business. The four-step process can be used to analyze the impact of the advent of the iPod on the equilibrium price and quantity of the Sony Walkman. Here are the four steps:

1. Identify the market equilibrium before the advent of the iPod. This would involve determining the price and quantity at which the Sony Walkman was being bought and sold.
2. Determine the factors that caused the advent of the iPod. This would include technological advancements and changes in consumer preferences for digital music.
3. Analyze how the advent of the iPod affected the market for portable audio cassette players. This would involve looking at changes in demand and supply for the Sony Walkman, and how these changes impacted the equilibrium price and quantity.

By following these steps, you can analyze the impact of the advent of the iPod on the equilibrium price and quantity of the Sony Walkman.