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Why does an external modem generally have a higher price tag than an internal modem?

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Why does an external modem generally have a higher price tag than an internal modem?
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An external modem, aside from needing a case and a power supply is a complete unit. Most internal modems rely on the CPU for the power needed (even though some do have DSP chips). Internals are much smaller, have fewer electronics, don't have to look good and are much easier to manufacture.
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Because with the external you have the case the modem is in as well as the cables not to mention the extra packaging for the modem.
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It needs a separate power supply and external case to protect the electronics for a couple of reasons.
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