What size chain???

21 speed is usually a three speed front chainring hooked to a seven speed cassette or freewheel
A seven speed dérailleur chain is 1/2 X 3/32.
A 40 chain is 1/2 X 5/16

Not the same.
 
No. The chain is commonly called "multispeed chain", it is application-specific. You must use that size chain if you want to keep your gears working properly.

So does the chain size 1/2 X 3/32 have a number to go with it ie: 35,40,41 and so on?
 
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