Arrange the following steps in the correct sequence to illustrate how a firm in a perfectly competitive market determines its output level for profit maximization:

In a perfectly competitive market, a firm determines its output level for profit maximization by first identifying the market price for its product. Next, the firm calculates its marginal cost, which is the cost of producing one more unit of the product. The firm then compares the market price to its marginal cost; if the price is higher than the marginal cost, it should increase production to maximize profits. For example, if the market price is $10 and the marginal cost of producing an additional unit is $8, the firm will profit more by producing that unit. The firm continues this process until the price equals the marginal cost, which is the point where it maximizes its profit.