Hello,

Cournot  model & Bertrand  model are oligopoly models  in which firms  produce  a homogeneous good.  In  the former  model, each firm  assumes its  rivals will  not  change  the  quantity  they produce while  In  the later model, each  firm assumes  its rivals will  not  change  the price  they  charge.

In both the cases, each firm takes some aspect of its rivals’ behavior taking into consideration either quantity or price as fixed when making its own decision.

The major difference is that in case of Bertrand model the firms end up producing where price equals marginal cost, whereas in the Cournot model the firms will produce more than the monopoly output but less than the competitive output.