In a monopsony market, how does buyer dominance affect the wage offered to workers compared to a competitive market?

In a monopsony market, there is only one main buyer for labor, which gives that buyer a lot of power over wages. Because this buyer can set the wage lower than in a competitive market, workers might earn less money. In a competitive market, many employers are competing for workers, which drives wages up as they try to attract employees. For example, if a town has just one factory hiring workers, the factory can offer a lower wage because people have fewer job options. This means workers in a monopsony often receive lower pay and may have less negotiating power than they would in a competitive job market.