Use the data given below to answer the following question(s) .
Following is an extract from the Employee Payroll Database of HFR Informatics Inc. Employee Maria Peter George Smith Johnson Thompson Martinez Lewis Lee Taylor Carter Edwards Bailey Cooper Bill Cox Perry Flores Woods Cole Ethnic Group Asian American White American Hispanic American Black American Alaska Native Asian American Alaska Native White American Black American Asian American Asian American Hispanic American White American White American Alaska Native Asian American Hispanic American Alaska Native White American Asian American Gender Female Male Male Female Male Male Male Female Male Female Male Male Male Male Male Male Female Female Male Female Rank / Grade 32112232212222312231 Pay Scale A B C D E B A B A B C E B A E A C B E A
-What is the relative frequency of Grade 3 employees?
Market Price
The price at which a good or service is bought and sold in a competitive marketplace, determined by supply and demand.
Product Differentiation
The technique of making a product or service stand out from others in the industry to boost its desirability to a designated target market.
Americans
Refers to the citizens or inhabitants of the United States of America.
Monopolistic Competitor
A market structure where many companies sell products that are similar but not identical, allowing for competition based on factors other than price.