Each of the instruments has its turn to play the tune or varied versions of it.
The key sequence is:
C major using the basic statement with additional passing notes and decorations, with first flute taking the melody.
It then moves up in the 2nd verse to D dorian with a slightly renaissance feel, with clarinet taking the melody.
The 3rd verse, with bassoon on melody, goes on up to a jolly renaissance-style dance also in D Dorian, incorporating a mix of 3/4 and 6/8 rhythms.
The final verse goes back to the C major 4/4 version with additional decorations and passing notes, while also
occasionally reminding the audience of the 6/8-style contra-rhythms of the Dorian verses.
As you might expect, the oboe takes the melody here.