Explain five factors that are used as criteria for determining the size of a firm.

Answer:

-volume of total output and sales:The larger the output and sales the larger the size of a firm
-The number of employees: the more the number the larger the firm
-The nature and level of technology used: A big firm is likely to use modern technology
-The total capital invested:The greater the capital outlay and inputs of other factors, the larger the firm and vice versa
-Type of product and production process used:Mass production of motor vehicles and electronics equipment is carried out by large firms

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