The equation "Y = MX + B" represents a linear equation in slope-intercept form. In this equation, Y is the dependent variable, X is the independent variable, M is the slope of the line, and B is the y-intercept. The slope indicates how steep the line is, while the y-intercept shows where the line crosses the y-axis. This formula is commonly used in mathematics and statistics to model relationships between two variables. By adjusting the values of M and B, one can create different lines that represent various trends or patterns in data, making it a fundamental tool in algebra.