Why does this polymorphic C# code print what it does?

I was recently given the following piece of code as a sort-of puzzle to help understand Polymorphism and Inheritance in OOP - C#.

// No compiling!
public class A
{
     public virtual string GetName()
     {
          return "A";
     }
 }

 public class B:A
 {
     public override string GetName()
     {
         return "B";
     }
 }

 public class C:B
 {
     public new string GetName()
     {
         return "C";
     }
 }

 void Main()
 {
     A instance = new C();
     Console.WriteLine(instance.GetName());
 }
 // No compiling!

Now, after a long, long chat with the other developer who presented the puzzle, I know what the output is, but I won't spoil it for you. The only issue I'm really having is how we get to that output, how the code steps through, what's inheriting what, etc.

I thought C would be returned as that seems to be the class that is defined. Then I went through my head as to whether B would be returned because C inherits B - but B also inherits A (which is where I got confused!).

Question:

Could anyone explain how polymorphism and inheritance play their part in retrieving the output, eventually displayed on screen?