An adaptation refers to a performance of a play with changes in important elements, like scenery, language and ethnicity of characters. Thus, if Hamlet was set in modern times, the play within the play is changed into a reality TV show.
This is the option that best reflects a modern time period. In Shakespearean times, the theatre was a common pastime for wealthy families. However, in present times, it is more common for television to fulfill this role. Therefore, if the story took place in a modern setting, the play could be changed to a TV show. The other options do not mention changes that are related to a particular time period.