Arrange the following steps in the process of price discrimination by a monopolist to achieve allocative efficiency:

Price discrimination is when a monopolist charges different prices to different consumers for the same product. To achieve allocative efficiency, the monopolist first needs to identify different groups of consumers based on their willingness to pay. For example, a movie theater might charge higher prices for evening showings when more people are willing to pay and lower prices for matinee showings when fewer people attend. Next, the monopolist sets prices that maximize their profits while ensuring that each group is willing to buy the product. This way, the monopolist can sell more units and allocate resources more efficiently, benefiting both themselves and consumers who might not have otherwise been able to afford the product.