1. What is the doctrine of stare decisis? Under what circumstances will the Supreme Court reverse its own precedents?

2. How could vertical maximum price-fixing benefit consumers?

3. Why would a company want to set a maximum price for its goods?

4. Do you think it would be legal for a company to set a maximum price for its distributors but not for itself?

OPINION: JUSTICE O’CONNOR delivered the opinion of the Court.

Under § 1 of the Sherman Act, “[e]very contract, combination ., or conspiracy, in restraint of trade” is illegal. In Albrecht v. Herald Co., 390 U.S. 145 (1968), this Court held that vertical maximum price fixing is a per se violation of that statute. In this case, we are asked to reconsider that decision in light of subsequent decisions of this Court. We conclude that Albrecht should be overruled.