Answer: Demand risk.

Take-or-pay agreements are structured such that payments are contingent on the availability of an asset rather than its actual usage. This mechanism is specifically employed to mitigate **demand risk**, as it ensures revenue stability regardless of fluctuations in demand. - **Option B (Operational risk)** is incorrect because take-or-pay arrangements do not address risks arising from operational inefficiencies or failures. - **Option C (Construction risk)** is incorrect because these agreements are not intended to mitigate risks associated with the construction phase of infrastructure projects.

Author: LeetQuiz Editorial Team