The producer's surplus of all firms in an oligopoly is usually the least in the case of a:
A) Sweezy oligopoly.
B) Cournot oligopoly.
C) Stackelberg oligopoly.
D) Bertrand oligopoly.

Question

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In a Bertrand oligopoly, firms compete in terms of price, and as a result, commonly reach a state of perfect competition where the price equals marginal cost. This low-price competition reduces the producer's surplus for all firms, making it the oligopoly where firms have the least producer's surplus. In contrast, Sweezy oligopoly, Cournot oligopoly, and Stackelberg oligopoly typically feature some type of market power, which allows firms to earn higher profits and enjoy a higher producer's surplus.

The Producer's Surplus of All Firms in an Oligopoly Is