In a village, Lou and Lisa are the only people who buy haircuts.   When the price is $15.00, Lisa plans to buy two haircuts a year and at $10.00 a haircut she plans to buy three. When the price is $15.00 a haircut, Lou plans to buy one haircut a year and at $10.00 a haircut he plans to buy two.   What is one point on the market demand curve for haircuts?   The quantity demanded is ________. A.  8 haircuts per year at $10.00 a haircut   B. 4 haircuts per year at $12.50 a haircut C.  7 haircuts per year at $10.00 a haircut   D..  3 haircuts per year at $15.00 a haircut

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
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In a village, Lou and Lisa are the only people who buy haircuts.
 
When the price is $15.00, Lisa plans to buy two haircuts a year and at $10.00 a haircut she plans to buy three. When the price is $15.00 a haircut, Lou plans to buy one haircut a year and at $10.00 a haircut he plans to buy two.
 
What is one point on the market demand curve for haircuts?
 
The quantity demanded is ________.
A.  8 haircuts per year at $10.00 a haircut
 
B. 4 haircuts per year at $12.50 a haircut
C.  7 haircuts per year at $10.00 a haircut
 
D.. 
3 haircuts per year at $15.00 a haircut
 
 
 
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