In a monopsony labor market, what is the primary reason the employer can influence wages?

In a monopsony labor market, there is only one main employer for a certain type of labor, which gives that employer significant power over wages. Because there are few or no other job opportunities for workers in that market, the employer can set lower wages since workers have limited options. For example, if a factory is the only place in a small town hiring factory workers, it can pay less than what workers might earn in a competitive market because they cannot easily find jobs elsewhere. This situation allows the employer to influence wages and hire the number of workers they want without raising pay. As a result, workers may have to accept lower wages than they would in a market with many employers competing for their labor.