In a monopsony market structure, which of the following statements accurately reflect the implications for labor markets? Select all that apply.

In a monopsony market structure, there is only one buyer of labor, which gives that buyer significant power over wages and employment conditions. This means that the employer can set lower wages than in a competitive market, as workers have fewer options for employment. For example, if a small town has only one factory that hires workers, that factory can pay less because people have nowhere else to go for jobs. As a result, workers might earn lower wages and face less favorable working conditions compared to a market with many employers. Overall, monopsony leads to a less competitive labor market, affecting both the wages workers receive and the number of jobs available.