Using "VIENNAThe Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Wednesday to slash output by 2 million barrels of oil a day, delegates said, a move likely to push up already-high global energy prices and help oil-exporting Russia pay for its war in Ukraine." Answer the questions below.

1. Part One: The Crude Oil Market. Explain how a price control can help stabilize this shock and what the effect of this price control will be on this market. Must name the correct price control and rationalize why this is so.

2. Part Two: The AD/SRAS/LRAS model: Explain what the model looks like starting in long-run equilibrium.

Now, show this shock to the AD/SRAS/LRAS model (aka the macroeconomy). Must name the resultant economic condition and rationalize why this is so.

3. Part Three: Unemployment: Include a written explanation of the unemployment rate and how it is calculated.

4. Part Four: Back to the AD/SRAS/LRAS model: Explain why/how the implementation of the price control you identified in Part 1 will eventually bring the economy back to full employment.

Rationalize why this happened.