3. Which one of the following statements is false?

a. Market supply is generally more price elastic in the long run than in the short run.

b. In the quasi-competitive (or competitive) model of oligopoly, each firm acts as a price taker even whenthere are few firms in an industry.

c. In the Cournot model of duopoly, each firm assumes that its rival will not change its output when thefirm adjusts its own output.

d. In the price leadership model of oligopoly, firms coordinate their decisions to act as multi-plantmonopolies.