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
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
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 3CQQ
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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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