Place the following steps of price determination under perfect competition in the correct order:
- The market reaches an equilibrium price.
- The demand curve shifts due to changes in consumer preferences.
- The supply curve adjusts due to changes in production costs.
- The interaction of demand and supply determines the market price.
1
1 → 3 → 2 → 4
2
2 → 3 → 1 → 4
3
3 → 2 → 1 → 4
4
4 → 2 → 3 → 1