Not necessarily. While price can be an indication of a hairdresser's quality, there are many other factors to consider if an individual doesn't want a haircut to look cheap.
With the average price of a haircut, as of 2015, weighing in at $28 for men and $44 for women nationwide, $7.99 is very cheap. A salon offering a haircut for this price might be worthwhile looking up online in case previous customers have posted reviews; this gives an idea of the quality and look of the haircuts offered. If the hairstylist seems competent and communicative and the surroundings are clean and hygienic, there is no inherent reason for a $7.99 haircut to look cheaper than one that cost triple the amount.