In a monopsony, how does the buyer's market power affect the wages paid to workers compared to a competitive labor market?

In a monopsony, there is only one main buyer of labor, which gives that buyer a lot of power over wages. Unlike in a competitive labor market, where many employers compete for workers and drive wages up, a monopsonist can set lower wages because workers have fewer job options. This means that the monopsonist can pay less than what workers would earn in a competitive market, leading to lower overall wages. For example, if a large company is the only employer in a small town, it might offer wages that are lower than what workers could earn if there were multiple companies competing for their labor. As a result, workers may earn less and have fewer choices, which shows how the buyer's market power in a monopsony can negatively impact wages.