Which legislation is known as a landmark statute in competition law that prohibits certain anti-competitive business practices?

The Sherman Antitrust Act is recognized as a foundational statute in U.S. competition law, enacted in 1890. Its primary purpose is to combat anti-competitive practices, promote fair competition, and protect consumers from monopolistic behaviors. The act specifically addresses actions that restrain trade and commerce, making it illegal to engage in contracts, combinations, or conspiracies that unduly restrict competition.

One of the significant contributions of the Sherman Antitrust Act is its establishment of the principle that not all business practices are acceptable; it draws a clear line against anti-competitive practices such as price-fixing, monopolization, and agreements to restrain trade. Over time, the act has been used to challenge various forms of corporate abuses, thus shaping a fairer market environment in the United States.

While the other pieces of legislation mentioned also play important roles in regulating competition and protecting consumers, they were enacted after the Sherman Act and often address specific issues or strengthen regulatory measures initiated by it. For instance, the Clayton Antitrust Act aims to supplement and clarify the Sherman Act by addressing practices like price discrimination and mergers that may substantially lessen competition. However, the Sherman Antitrust Act remains the cornerstone of antitrust law, marking it as the landmark legislation in this area.