1.For many years Black Friday sales (the sales that begin the Friday after Thanksgiving) began at 8am on Black Friday.In recent years, however, the sales began earlier and earlier.Two year ago the sales began at 4am; last year some sales began at midnight; this year they began before Black Friday.

a)Use game theory to explain why retailers began to open stores earlier each successive year.

b)What effect will this strategy likely have on individual retailer profits?Please explain briefly.

c)Do you think retailers would be in favor of a law that banned any stores from opening before 8am on Black Friday?Please explain.