If a specific labour market is considered to be a monopsony, who has the power and can impact wages?

Question

Quizplus · Accepted Answer

In a monopsony, there is only one buyer or employer in the labour market. Therefore, the employer has more power to impact wages as they are the sole purchaser of labour. The workers or sellers of labour have limited or no alternatives and have to accept the wage rate offered by the employer to work. Hence, the buyer of labour generally has market power and can affect wages.

If a Specific Labour Market Is Considered to Be a Monopsony