if-the-demand-equation-is-p-500-3q-what-does-the-coefficient-3-represent

Question

If the demand equation is P = 500 - 3Q, what does the coefficient -3 represent?

Accepted Answer

The rate at which price decreases as quantity increases.

Answer

The rate at which supply increases.

Answer

The maximum price consumers are willing to pay.

Answer

The equilibrium price.