Which of the following represents a liability risk encountered in theater operations?

In theater operations, liability risks refer specifically to the potential for legal action arising from incidents that cause harm to others. The option that addresses this aspect most directly is injuries to audiences. If an audience member is injured due to a slip, fall, or any other accident that occurs as a result of the theater's operations, the theater could be held legally responsible for those injuries. This can lead to lawsuits, claims for damages, and significant financial repercussions.

In contrast, while accidents and injuries on stage can pose risks to performers, they do not typically encompass the broader liability concerns regarding audience safety. Loss of audience engagement and turnover in cast and crew relate more to operational challenges and artistic outcomes rather than to the legal liabilities associated with physical injuries or safety. Thus, focusing on audience injuries highlights the significant liability risk that theaters must manage to protect both patrons and the organization itself.