= Bertrand competition
{wiki=Bertrand_competition}
Bertrand competition is a model of competition among firms that sell identical or homogeneous products. It is named after the French economist Joseph Bertrand, who introduced this concept in the 19th century. The key features of Bertrand competition include: 1. **Price Competition**: In this model, firms compete primarily by setting prices rather than quantities. Each firm assumes that its competitors' prices will remain stable while it changes its own price.
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