Order the following steps to illustrate how a monopsony affects the labor market:

A monopsony is a market situation where there is only one buyer for a particular type of labor, which gives that buyer significant power over wages and employment conditions. In this scenario, the monopsonist can set lower wages because workers have fewer alternatives for employment, leading to a situation where they must accept the offered wages to secure a job. For example, if a small town has only one factory hiring workers, that factory can pay lower wages than if there were multiple employers competing for the same workers. As a result, the overall supply of labor decreases since some workers may choose not to work at those lower wages, which can lead to a less efficient labor market. Thus, the monopsony not only affects wages but also influences the number of people willing to work in that market.