Identify the choice that best completes the statement or answers the question. (No Long explanation needed)

21. Certain goods are related so that an increase in the price of one good decreases the demand for the other. These goods are: a. complements. b. substitutes. C. luxury goods. d. competing goods. e. inferior goods. 22. An explicit cost is: a. an opportunity cost. b. an out-of-pocket expense. C- always larger than an associated implicit cost. d. the total cost of acquiring or doing something, and therefore, includes all opportunity costs. e. both a. and b. 23. When economies of scale exist, an increase in the level of output will lead to: a. a decrease in cost per unit. b. an increase in cost per unit. C. a decrease in total cost. d. both a. and c. aboveFHF" P'F' P'F'P'F P'F'P'F" F'P'F'JP'F\" P'F'P'F" F'P'F'JP'F\" Fe?" P'F" 24. t. perfectly competitive fum is a: price giver. price taker. price maker. price leader. 25. A perfectly competitive fum faces a demand curve that is: horizontal and perfectly inelastic. horizontal and perfectly elastic. vertical and perfectly inelastic. vertical and perfectly elastic. 26. 1|Why can't a f'um in a perfectly competitive industry charge a price above the market-clearing price? Govenunent-imposed price ceilings prevent prices from being raised. Firms in a perfectly competitive industry face significant barriers to entry. Perfectly competitive rms are price searchers. Numerous competitors produce the same product and charge the market price. 2?. If the market demand curve in a perfectly competitive industry shifts right, the demand curve for each existing fum 1will: shift up. shift doom. shift right. shift left. do both a. and c. 28. A. key element to preserving a monopoly is: gmrtunent subsidization of critical enterprises. keeping potential rivals out of the market. guaranteeing the availability of substitute products. increased advertising expenditures. 2'3. Monopolistic competition is characterized by: a small number of firms selling differentiated products. a large number of fu'ms selling identical products. high barriers to entry. a large number of fums selling differentiated products. firms that are all price takers. 3D. 1|Which of the following conditions distinguishes perfect competition from monopolistic competition? the number of sellers freedom of entry and exit homogeneity of the product none of the above