Monopsony labor market dynamics are to wage setting as competitive labor market dynamics are to what?

In a monopsony labor market, there is only one employer who has significant control over setting wages because workers have few alternatives for employment. This means that the employer can offer lower wages than they would in a competitive market, where many employers compete for workers. In contrast, in a competitive labor market, many employers compete for employees, which drives wages up as companies try to attract the best talent. For example, if several companies are hiring for the same job, they may raise their pay offers to get workers to choose them over their competitors. Therefore, while monopsony dynamics focus on wage setting by a single employer, competitive labor market dynamics focus on wage determination through the competition among multiple employers.