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Bertrand model - a popular model of imperfect competition. It was first proposed in 1883 by the French economist Joseph Louis François Bertrand. In line with the assumptions of the model, each company in the oligopoly selects its price level, striving to maximize profits and accept prices set by competitors for the data. It is also assumed that the goods produced by all companies are identical. The Cournot model differs mainly because companies decide not on the volume of production, but instead on the price level of their products.

In equilibrium, the price equals to the marginal cost, and the total output is the same as in the case of perfect competition. Additional literature

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