The Nash equilibrium solution to this situation is known as the Bertrand equilibrium. If one of the firms acts as a leader, this produces the Stackelberg equilibrium, in which the output is higher than the original solution to this problem, known as the Cournot equilibrium, whose creator initially had a thought experiment involving access to two natural springs. For 10 points, what is this economic situation, a special case of oligopoly in which 
The Nash equilibrium solution to this situation is known as the Bertrand equilibrium. If one of the firms acts as a leader, this produces the Stackelberg equilibrium, in which the output is higher than the original solution to this problem, known as the Cournot equilibrium, whose creator initially had a thought experiment involving access to two natural springs. For 10 points, what is this economic situation, a special case of oligopoly in which only two firms are selling in a market?
The Nash equilibrium solution to this situation is known as the Bertrand equilibrium.
{duopoly} [prompt on oligopoly before it is read]