Question: How does the Bertrand model differ from the Cournot model? Group of answer choices The Bertrand model focuses on price competition, while the Cournot model

How does the Bertrand model differ from the Cournot model?
Group of answer choices
The Bertrand model focuses on price competition, while the Cournot model focuses on quantity competition.
The Bertrand model assumes firms set output simultaneously, while Cournot assumes price competition.
The Bertrand model is based on firms cooperating to maximize joint profits.
The Bertrand model always results in higher prices than the Cournot model.

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