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

In a monopsony labor market, there is only one main employer for a specific type of job, which gives that employer significant power over setting wages. Because workers have few or no other job options, the employer can offer lower wages than they might in a competitive market. For example, if a town only has one factory hiring workers, the factory can pay less since people need jobs and cannot easily find alternatives. This situation often leads to lower overall wages and can affect the quality of life for workers. Therefore, the employer's power allows them to influence wage levels significantly, often to the detriment of the employees.