How do you prioritize multiple deadlines?

I am preparing for software engineering and technical interviews and frequently encounter the behavioral question, "How do you prioritize multiple deadlines?" I would like to understand what interviewers expect in a strong response.

Could someone explain:

What qualities are interviewers evaluating with this question?
How can I structure my answer using a real-life example or the STAR (Situation, Task, Action, Result) method?
What strategies can I use to prioritize tasks based on urgency, business impact, and dependencies?
How should I communicate with stakeholders if multiple high-priority tasks have conflicting deadlines?
If I have limited professional experience, how can I answer this question using examples from college projects, internships, or personal projects?