Question

originally coined by economist joan robinson to refer to markets with multiple sellers of a product but only one buyer, the
term \monopsony\ can also refer to markets where demand for labor is limited. in a product monopsony, the single buyer
can force sellers to lower their prices. ______ in a labor monopsony, employers can force workers to accept lower wages.

which choice completes the text with the most logical transition?

a. earlier,

b. instead,

c. similarly,

d. in particular,

Explanation:

The text draws a parallel between product monopsony (single buyer forces lower prices) and labor monopsony (employer forces lower wages). The transition needs to show a similar relationship between the two scenarios. "Similarly" correctly signals this parallel, while other options do not fit: "Earlier" refers to time, "Instead" shows contrast, and "In particular" focuses on a specific detail rather than a parallel case.

Answer:

C. Similarly,