The correct answer is (C) Madhyama-vyayoga. Here's why: 

• Bhasa was an ancient Indian playwright believed to have predated Kalidasa. He is known for his Sanskrit plays, often characterized by their dramatic intensity and focus on emotions.

• Madhyama-vyayoga (meaning 'The Middle One') is one of Bhasa's famous plays. It's part of a trilogy and tells a story from the Mahabharata.

Let's look at the other options:

• Kavyalankara is a work on Sanskrit poetics by the renowned scholar Bhamaha.

• Natyashastra is the foundational text on Indian classical dance and drama, attributed to the sage Bharata Muni.

• Mahabhashya is a comprehensive commentary on the Sanskrit grammar of Patanjali, based on Panini's Ashtadhyayi.