What does a flashing yellow light signify?

A flashing yellow light signifies that drivers should proceed with caution. It serves as a warning to indicate that conditions may be uncertain or present potential hazards ahead, such as pedestrian activity, road work, or sharp turns. Drivers encountering a flashing yellow light should reduce speed and be prepared to stop if necessary, ensuring that they remain vigilant for any changes in traffic or road circumstances.

The other options do not accurately reflect the meaning of a flashing yellow light. Stopping immediately is not appropriate unless required by other signals or circumstances. Speeding up to clear the intersection goes against the principle of caution that the flashing yellow light advocates. Yielding to pedestrians is an important rule when pedestrians are present, but the flashing yellow itself does not explicitly indicate that; drivers should always be aware of pedestrian presence regardless of the light's color. Thus, proceeding with caution is the most appropriate response to a flashing yellow light.