Which welfare outcome falls between the other two?

Question

Quizplus · Accepted Answer

Cournot equilibrium falls between monopoly market and perfectly competitive market in terms of welfare outcomes. In a monopoly market, consumer surplus is lower and producer surplus is higher than in a competitive market, leading to lower overall welfare. In a perfectly competitive market, there is maximum consumer surplus and producer surplus, resulting in the highest welfare. In a Cournot equilibrium, there is some degree of market power and competition between firms, so welfare outcomes are between those of monopoly and perfect competition.

Which Welfare Outcome Falls Between the Other Two