In a Bertrand Oligopoly

Multiple Choice

In a Bertrand oligopoly,

A) each firm chooses simultaneously and non-cooperatively how much to produce to maximize its own profit.
B) each firm chooses simultaneously and non-cooperatively its own product's price to maximize its own profit.
C) one firm acts as a quantity leader, choosing its quantity first, while all other firms act as followers, choosing their quantities second and in reaction to the leader.
D) each firm makes its profit-maximizing decision while considering the entire market demand, the same as a monopolist.