When Does a Joint Venture Act as a Single Economic Entity?

The “Sherman Act contains a ‘basic distinction between concerted and independent action.’”  The concerted action of several competing firms could be unlawful under Section 1 of the Act, perhaps even unlawful per se, when the same action, if independently taken by a single firm, undoubtedly would be lawful under Section 2 of the Act. Hence, a joint venture and its participants defending a Section 1 claim are apt to assert the absence of the p