Final answer:
The graph of the function y = 2^x represents a vertical stretch.
Step-by-step explanation:
The given function is y = 2^x. To determine if it represents a vertical stretch or vertical compression, we need to examine the value of the coefficient in front of the exponent which is 2. If the coefficient is greater than 1, it represents a vertical stretch. If the coefficient is between 0 and 1, it represents a vertical compression. In this case, the coefficient is 2 which is greater than 1, therefore the graph of the function y = 2^x represents a vertical stretch.