Cournot competition - Wikipedia, the free encyclopedia

It has the following features:
There is more than one firm and all firms produce a homogeneous product, i.e. there is no product differentiation;
Firms do not cooperate, i.e. there is no collusion;
Firms have market power, i.e. each firm's output decision affects the good's price;
The number of firms is fixed;
Firms compete in quantities, and choose quantities simultaneously;
The firms are economically rational and act strategically, usually seeking to maximize profit given their competitors' decisions.