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Detailed explanation-1: -MP3. MP3 (MPEG-1 Audio Layer III) is the most popular of the lossy formats. MP3 files work on most devices, and the files can be as small as one-tenth the size of lossless files. MP3 is fine for the consumer, since most of the sound it drops is inaudible, but that’s not the case when it comes to bit depth.

Detailed explanation-2: -What is the best audio format for sound quality? A lossless audio file format is the best format for sound quality. These include FLAC, WAV, or AIFF. These types of files are considered “hi-res” because they are better or equal to CD-quality.

Detailed explanation-3: -MP3 and WAV are the most popular formats of compressed and uncompressed digital audio files, respectively. MP3 is a lossy compressed format with “unnecessary” info removed, making it smaller. WAV is an uncompressed format containing all the original audio information, making it larger.