In a monopsony labor market, how does the firm's wage-setting behavior differ from that in a perfectly competitive labor market?

In a monopsony labor market, there is only one major employer for workers, which gives that employer significant power to set wages. Unlike a perfectly competitive labor market, where many employers compete for workers and drive wages up, a monopsonist can pay lower wages because workers have fewer job options. For example, if a small town has only one factory, the factory can offer lower wages since workers cannot easily find another job nearby. This means the firm can maximize its profits by paying less than what workers might earn in a competitive market. Overall, the firm's wage-setting behavior in a monopsony leads to lower wages and potentially fewer job opportunities compared to a market with many employers.