Final answer:
Entrepreneurs created monopolies using horizontal and vertical integration strategies, with the former consolidating companies at the same production stage and the latter controlling the entire supply chain. Trusts also played a significant role as legal entities that allowed a single group to manage multiple companies as one, further reducing competition.
Step-by-step explanation:
The two techniques entrepreneurs used to create monopolies are horizontal and vertical integration.
Horizontal integration is a strategy where a company acquires or merges with other companies on the same level of the production process in their industry, effectively reducing competition. For instance, a company might buy out other firms that produce the same type of product to increase its market power and control. Vertical integration, on the other hand, involves acquiring companies that operate along various stages of the production cycle, from obtaining raw materials to manufacturing to distribution. This controls the entire supply chain, minimizing costs and limiting competitors' access to essential resources or distribution channels.
A trust is another method that was historically used to create monopolies. It's a legal arrangement where a small group of trustees holds the ownership interest in a set of companies to operate them as a single entity. This structure was used by some business giants to exert control over entire industries by pooling together multiple companies' resources and efforts to stave off competition effectively.