Arrange the following steps in the process of how a monopsony affects labor market dynamics: A) The monopsonist increases wages to attract more workers, B) Fewer workers are willing to work at prevailing wage levels, C) The monopsonist faces rising labor costs, D) The labor supply curve shifts leftward due to higher wages.

In a monopsony, there is only one major employer in a labor market, which affects how wages and employment levels are determined. First, fewer workers are willing to work at the existing wage levels because the monopsonist has significant control over the job market, leading to a leftward shift in the labor supply curve. As the monopsonist tries to attract more workers, they may decide to increase wages, which can help draw in more applicants. However, as wages rise, the monopsonist faces higher labor costs, which can affect their overall business expenses. This process shows how a monopsonist can influence wage levels and employment by adjusting their strategies in response to the available labor supply.