In the context of elasticity in market dynamics, arrange the following steps in a logical sequence starting from a change in consumer preferences: A) Price of the product increases, B) Quantity demanded decreases, C) Suppliers adjust their production levels, D) Market equilibrium is reached.

When consumer preferences change, it often leads to a shift in demand for a product. For example, if people suddenly prefer electric cars over gasoline cars, this preference can cause the price of gasoline cars to increase as demand falls. As the price goes up, fewer people will want to buy them, leading to a decrease in quantity demanded. In response, suppliers may notice the drop in sales and adjust their production levels accordingly to avoid excess inventory. Eventually, as suppliers lower their production and prices stabilize, the market will reach a new equilibrium where supply meets the adjusted demand.