Order the following steps that describe the long-run equilibrium adjustment process in a perfectly competitive market after firms begin to exit due to economic losses.

In a perfectly competitive market, when firms start to exit because they are losing money, the first step is that the total supply of the product decreases. As fewer firms are producing, the remaining firms can sell their products at a higher price because there is less competition. This increase in price continues until it reaches a point where the remaining firms cover their costs and earn normal profits. For example, if a market for oranges sees many farmers leave due to low prices, the fewer farmers left will sell their oranges for a higher price, balancing out the market. Eventually, the market reaches a long-run equilibrium where firms are neither making profits nor losses.