Final answer:
The term 'antitrust laws' refers to the statutes designed to prevent and regulate monopolistic practices and includes the Sherman Antitrust Act as the first such law passed in 1890.
Step-by-step explanation:
The collection of statutes aimed at curbing monopoly power is collectively referred to as antitrust laws. Specifically, the Sherman Antitrust Act was the nation's first antitrust law, passed in 1890 to break up trusts that were deemed to be interfering with free trade by creating monopolies or engaging in practices that allowed firms to artificially raise prices. In addition, the Clayton Antitrust Act of 1914 further expanded on these laws by outlawing certain business practices that were harmful to fair competition.