In a monopsony, how does the single buyer's market power affect wages compared to a competitive market?

In a monopsony, there is only one buyer for a certain type of labor, which gives that buyer a lot of power over wages. Unlike in a competitive market, where many employers compete for workers and drive wages up, the single buyer in a monopsony can set lower wages because workers have fewer options for employment. For example, if a town has only one factory hiring workers, that factory can offer lower pay because workers can't easily find jobs elsewhere. This means that wages in a monopsony are usually lower than in a competitive market, where multiple employers fight to attract workers by offering better pay. Overall, the lack of competition in a monopsony leads to less favorable conditions for workers.