Final answer:
The Sherman Antitrust Act is the key statute that targets contracts, combinations, and conspiracies in restraint of trade, supported by the FTC and later legislation like the Clayton Antitrust Act to prevent monopolies and maintain fair competition.
Step-by-step explanation:
The statute that focuses on "contracts, combinations, and conspiracies in restraint of trade" is the Sherman Antitrust Act, which was the first significant federal legislation passed in 1890 against monopolies and anticompetitive practices. This law aimed to eliminate monopolies and prevent restraints that interfere with competition. Moreover, the Federal Trade Commission (FTC) and the Sherman Antitrust Act together are key components in administrating antitrust laws that forbid unfair competition, price fixing, and other deceptive practices. Alongside, the Clayton Antitrust Act of 1914 further fortified antitrust laws by specifically addressing practices like mergers and acquisitions that substantially lessen competition, price discrimination, and tied sales. These laws collectively empower the FTC and the Department of Justice to break up corporations that engage in anticompetitive practices, maintaining a fair and competitive marketplace.