We are playing … the problems of the company.

Analyze the question: The sentence is "We are playing ____ the problems of the company." We need a particle that forms a phrasal verb with "play" and fits the meaning of the sentence.

Explain the concept: "Play down" is a phrasal verb meaning to make something seem less important or less serious than it really is. It is commonly used with problems, risks, or dangers.

Check each option:

• A. play off: to set one person against another, or to play a deciding match. It doesn't fit "the problems of the company."
• B. play up: to emphasize, or to behave badly or malfunction. It means the opposite of what is intended here, since it would suggest exaggerating the problems.
• C. play out: to unfold or to happen. It would not take "the problems" as an object in this way.
• D. play down: to minimize or understate. "We are playing down the problems of the company" means we are treating the problems as less serious than they are. This fits.

Answer: The correct option is **D.

Tip: Remember the pair play up = exaggerate and play down = minimize. In exams, phrasal verbs are often tested in opposite pairs like this, so learn them together (e.g., turn up/turn down, go up/go down).