Kindly give brief explanation to the ff. answers

21. An industry with a large number of firms, differentiated A. Oligopoly products, and free entry and exit is called B. Monopoly C. Monopolistic competition D. Perfect competition 22. A large number of firms all selling an identical product A. Horizontal market supply implies B. Large losses by all sellers C. Inability for a single firm to change prices D. Market chaos 23. Technology tends to create lowering A. Antitrust marginal costs for early innovators in the long run but also B. Regulatory capture increasing barriers to entry for smaller firms C. Cost-cutting D. Economies of scale 24. A is a type of business organization A. Sole proprietorship whereby a company or a group of people is authorized to B. Business partnership operate as a single legal entity, in which ownership is C. Corporation distributed via shares of stock. D. Cooperative 25. In a production function, is equal to A. Total product the extra output produced by an additional unit of input, B. Marginal product all other inputs held constant. C. Average product D. Long-run product W