Step 1: Understanding the Concept
The graph shows enzyme activity against substrate concentration.
Step 2: Read the axes
The x-axis is substrate concentration. The y-axis is enzyme activity, which is measured as the velocity of reaction.
Step 3: Conclusion
Therefore, the Y axis represents velocity of reaction.
Final Answer:
The Y axis represents velocity of reaction.
\[ \boxed{\text{(B) }\text{Velocity of reaction}} \]