Final answer:
The set of all y-values or outputs of a function is known as the range, which is distinctly different from the domain representing all possible x-values.
Step-by-step explanation:
The set of all y-values or outputs in a function is commonly referred to as the range of the function. These y-values result from substituting the x-values into the function's equation. The domain represents all the possible x-values, while the range includes all the resulting y-values after the function has been applied.
For example, if we have a set of specific values for (x,y) data pairs and we plot them on a graph, the range is the set of all the y-values on the graph. This concept is essential not only in mathematical functions but also in various disciplines like economics, where relationships and trends are often described using functions.