Spectrum sharing plays an important role in meeting the demand for the 6 G and advanced wireless communications. This paper considers a framework of time-frequency prioritized spectrum sharing, in which a given band of spectrum is shared both in time and frequency with certain service providers (SPs) having priority access to given time-frequency partitions and other partitions available for use by all SPs. We investigate the competition between the two SPs in such a setting under both Bertrand and Cournot competition models, where SPs compete by either announcing prices or quantities, respectively. We calculate a market equilibrium for both competition models and analyze the impact of the available bandwidth and the spectrum sharing parameters on the revenues of the SPs, the customer surplus, and the social welfare.