Cite as: 526 U. S. 756 (1999)
Opinion of Breyer, J.
restrain truthful advertising about lower prices is likely to restrict competition in respect to price—"the central nervous system of the economy." United States v. Socony-Vacuum Oil Co., 310 U. S. 150, 226, n. 59 (1940); cf., e. g., Bates v. State Bar of Ariz., 433 U. S. 350, 364 (1977) (price advertising plays an "indispensable role in the allocation of resources in a free enterprise system"); Virginia Bd. of Pharmacy v. Virginia Citizens Consumer Council, Inc., 425 U. S. 748, 765 (1976). The Commission thought this fact sufficient to hold (in the alternative) that the price advertising restrictions were unlawful per se. See 121 F. T. C., at 307; cf. Socony-Vacuum, supra, at 222-228 (finding agreement among competitors to buy "spot-market oil" unlawful per se because of its tendency to restrict price competition). For present purposes, I need not decide whether the Commission was right in applying a per se rule. I need only assume a rule of reason applies, and note the serious anticompetitive tendencies of the price advertising restraints.
The restrictions on the advertising of service quality also have serious anticompetitive tendencies. This is not a case of "mere puffing," as the FTC recognized. See 121 F. T. C., at 317-318; cf. ante, at 778. The days of my youth, when the billboards near Emeryville, California, home of AAA base-ball's Oakland Oaks, displayed the name of "Painless" Parker, Dentist, are long gone—along with the Oakland Oaks. But some parents may still want to know that a particular dentist makes a point of "gentle care." Others may want to know about 1-year dental work guarantees. To restrict that kind of service quality advertisement is to restrict competition over the quality of service itself, for, unless consumers know, they may not purchase, and dentists may not compete to supply that which will make little difference to the demand for their services. That, at any rate, is the theory of the Sherman Act. And it is rather late in the day for anyone to deny the significant anticompetitive tendencies of an agreement that restricts competition in any legitimate respect, see, e. g.,
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