Answer: Short, long

**Explanation:** The correct answer is **B (Short, long)**. - The investor has written (sold) a put option, which means she is **short** the put contract. This obligates her to purchase the underlying asset if the option is exercised. - Her exposure to the underlying index future is **long** because she benefits when the quoted price of the index future increases (or suffers a loss when it decreases). **Why not A or C?** - **A (Long, short)**: Incorrect because the investor is short the put contract, not long. Additionally, her exposure to the underlying index future is long, not short. - **C (Short, short)**: Incorrect because while the investor is short the put contract, her exposure to the underlying index future is long, not short.

Author: LeetQuiz Editorial Team