Which of the following is a characteristic of a monopsony in labor markets?

A monopsony in labor markets is a situation where there is only one employer for many workers. This means that the employer has a lot of power over wages and working conditions because workers do not have many options for jobs. For example, if a small town only has one factory, all the workers in that town must apply to that factory, giving it the ability to pay lower wages since workers cannot easily find alternative employment. As a result, the factory might pay less than what workers would earn in a more competitive job market. In this way, the monopsony can affect not just the workers' pay, but also their overall job satisfaction and quality of life.