What is the difference between Cournot and Bertrand Duopoly models?

What is the difference between Cournot and Bertrand Duopoly models? In the Cournot model, firms control their production level, which influences the market price, while in the Bertrand model, firms choose the price of a unit of product to affect the market demand. How is Cournot duopoly model different from Bertrand duopoly model? The Bertrand … Continue reading What is the difference between Cournot and Bertrand Duopoly models?