In a monopsony labor market, which of the following best describes the characteristics of the employer's power over wages?

In a monopsony labor market, there is only one employer for a certain type of job, which gives that employer significant power over wages. Because workers have few or no alternative job options, the employer can set lower wages than they might in a competitive market. For example, if a small town has only one factory hiring workers, the factory can pay less because workers need the job and have no other places to go. This situation often leads to lower overall wages and can make it harder for workers to negotiate better pay. Therefore, the employer's power in a monopsony creates an imbalance that affects workers' earnings and job satisfaction.