How does the bargaining power of workers in a monopsony affect their wages compared to a competitive labor market?

In a monopsony, there is only one major employer in a labor market, which gives that employer significant power over wages. Because workers have fewer job options, the employer can pay lower wages than they would in a competitive market, where many employers compete for workers and drive wages up. For example, if a small town only has one factory, the factory can set lower wages since workers can't easily find other jobs nearby. In contrast, in a competitive labor market, if one employer tries to pay less, workers can easily switch to another employer offering better pay. Therefore, the lack of options in a monopsony means workers have less bargaining power, leading to lower wages compared to a market with many employers.