How did monopolies develop in the 19th century?

During the 19th century, businesses turned into monopolies for several reasons. There was intense competition between businesses which created the need to develop strategies that limited and prevented competition. The most effective strategy was to form a monopoly. The most common type of monopoly created at this time was a trust, where a group of competitors would band together and use low prices to eliminate all remaining competitors from the market. Once this group was successful at eliminating competition, it increased prices again. An example of a monopoly which developed in the 19th century was Standard Oil Company, which dominated the oil industry.