Question

differentiate between Bertrand and cournot model in the context of duopoly​

Answer 1

Answer:

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.

Explanation:

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Answer 2

Answer:

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.