Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost

Question:

Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $100. The inverse market demand for this product is P = 500 – 2Q.
a. Determine the equilibrium level of output in the market.
b. Determine the equilibrium market price.
c. Determine the profits of each firm.