Order the steps a monopolist follows to determine its profit-maximizing output level in relation to socially optimal output.

A monopolist is a single seller in a market, and it wants to maximize its profits by choosing the right amount of goods to produce. First, the monopolist analyzes its costs and the demand for its product to find the price that consumers are willing to pay. Then, it calculates the quantity of goods that will maximize its profit by comparing its marginal cost (the cost of producing one more unit) with its marginal revenue (the extra money made from selling one more unit). In contrast, the socially optimal output level is where the price equals the marginal cost, ensuring that resources are used efficiently for the benefit of society. For example, if a monopolist decides to produce 100 units at a price of $10 each, but the marginal cost of producing those units is $6, it may be making a profit, but it may not be the best outcome for everyone involved.