In a monopsony, which of the following best describes the market for labor?

In a monopsony, there is only one main buyer of labor, which means that this single employer has significant control over the wages and working conditions. Because workers have fewer job options, the employer can pay lower wages than in a competitive market where many companies are hiring. For example, if a small town has only one factory, that factory is the only place for people to find jobs, so it can set lower wages knowing that workers have limited alternatives. This situation can lead to lower overall income for workers, as they cannot easily negotiate for better pay. Therefore, in a monopsony, the market for labor is not fair, as the employer has more power than the employees.