Realcomp II, Limited (Realcomp) (plaintiff) was an association of local real estate agents and brokers. Realcomp maintained a database of property listings for its paying members. Realcomp allowed some listings to be distributed on public real estate websites but prohibited the publication of limited-service listings such as exclusive agency (EA) listings. Limited-service brokers provided fewer services and were generally less expensive for consumers than full-service brokers, with whom they competed for listings. The Federal Trade Commission (FTC) (defendant) brought an antitrust enforcement action against Realcomp. Realcomp did not dispute a finding that it had substantial market power in the relevant market. The FTC found under both a quick-look analysis and a rule-of-reason analysis that Realcomp’s website policy had the potential for genuine anticompetitive effects in violation of § 5 of the FTC Act. In addition, the FTC’s expert economist, Dr. Darrell Williams, used time-series, benchmark, and statistical-regression analyses to conclude that Realcomp’s website policy had actual anticompetitive effects. Realcomp petitioned for review of the FTC’s decision.