Please characterise the non-collusive oligopoly model Bertrand competition (Which in fact is a duopoly)

Bertrand model (Competing on price only) (Duopoly): - There are two firms A and B - Market barriers to entry exist - Firms produce identical product – consumers buy only from the firm with the lowest price - There are no transaction or search costs – consumers are indifferent - between firms given same price - Both firms face a constant marginal cost: MCA = MCB - Firms have no capacity constraint Strategy assumptions: - Zero conjectural variation – each firm takes the rival’s price as fixed and does not expect any reaction by the rival - Firms act independently after assessing the rival firm’s strategy - Firms set their price sequentially - Equilibrium is P_C=MC_A=MC_B - Bertrand equilibrium corresponds to perfectly competitive equilibrium.