Final answer:
A developer would use a Junction object with two relationships, one pointing to each of the original objects, to establish a many-to-many relationship between Object X and Object Y.
Step-by-step explanation:
To create a many-to-many relationship between two objects, Object X and Object Y, a developer would opt for a Junction object. This approach is represented by option 2) Two relationships on a Junction object, one to X and one to Y. This Junction object serves as an intermediary that holds two master-detail or two lookup relationships, one linking to Object X and the other to Object Y. Each record in the Junction object represents a unique instance of the relationship between a single record from Object X and a single record from Object Y.
For example, consider a scenario where you have a 'Students' object and a 'Classes' object. To represent which students are enrolled in which classes (and vice versa), you would create a 'StudentClassEnrollment' Junction object with one relationship field linking to a 'Student' record and another linking to a 'Class' record. This configuration allows for a flexible association where each student can be linked to multiple classes and each class can have multiple students enrolled.