In a monopsony labor market, how does increased buyer power typically affect workers' welfare?

In a monopsony labor market, there is only one main employer or buyer of labor, which gives that employer significant power over wages and working conditions. When this buyer has increased power, they can pay workers less than they would in a competitive market. This often leads to lower overall wages and reduced benefits for the workers, which harms their welfare. For example, if a town has only one factory hiring workers, the factory can set lower pay because there are no other job options available. As a result, workers might struggle to make ends meet, leading to a decline in their quality of life.