When a series of prices, in general, represents a situation in which changes in the value of the prices are independent and identically distributed, we refer to the series as a

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A random walk is a series where changes in value are independent and identically distributed, which means that the future value of the series is unpredictable and influenced only by randomness. The other options, moving average series and lagged time series, do not necessarily imply independence and identical distribution of price changes, while a random walk with drift would imply a trend in the series, which is not mentioned in the question.

When a Series of Prices, in General, Represents a Situation