Other things equal, the monopsonistic employer will pay a:

Other things equal, the monopsonistic employer will pay a lower wage rate and hire fewer workers than will a purely competitive employer.

The monopsonistic employer will be able to pay a lower wage rate because the employer’s company is the only one who seeks the service of the workers. Therefore, they can dictate how much they’ll pay their workers as they don’t have any competition.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answer; balance sheets;