Final answer:
A location in memory that can hold different values throughout a program is called a variable, which is a fundamental element in programming that can be modified as the program executes.
Step-by-step explanation:
A location in the computer's memory that may contain different values at various times throughout the execution of a program is called a variable. This means that the correct option is b) Variable. A variable in programming is used to store information to be referenced and manipulated in a computer program.
It is a fundamental feature in most programming languages, and its value can be changed as the program runs. Variables are distinct from constants, which are data values that remain unchanged throughout the execution of the program, and from arrays, which are collections of related variables.