Final answer:
The buyer of a put option hopes for the asset's price to fall, while the seller desires the price to rise, which means the correct answer is b) Fall; Rise.
Step-by-step explanation:
The buyer of a put option according to Partnoy would want the price of the underlying asset to fall, since a decrease in the asset's price below the strike price allows the buyer to sell the asset at a higher strike price, thus profiting from the decline.
Conversely, the seller (writer) of a put option wants the price to rise, or at least not fall below the strike price, so that the option expires worthless and they can keep the premium without having to buy the underlying asset at a higher price.
Therefore, the answer is b) Fall; Rise.