The strategies for each player. Who the winner will be. Each players' payoffs. Price is lower and output higher in the Cournot model than the Bertrand model. Price is equal to marginal cost in both models.
Price exceeds marginal cost in both models.
Price is higher and output is lower in the Cournot model than the Bertrand model. It may help to draw a graph. Describe the chain of events, and draw the resulting long run equilibrium for a perfectly competitive firm. Suppose these two firms get together and form a cartel. Define Nash Equilibrium.