What does 'read only mode' mean? Does it mean people can still ask questions for others to READ but we will not be allowed to ANSWER them  ?

It means that we will be able to sift through the existing questions and answers and read them, but will be unable to ask new or respond to existing questions.

Mean you can't post at all. The only thing that is possible is to questions and answers already there. Just like looking in an old family photo album.

Read only - you can read it.  you can't make changes.  so in this case you cant ask a question, you cant answer a question, you can't edit anything.  It is there for you to read like most websites.

You are misunderstanding something here. 

It means that no new questions will be allowed.  It also means that no new answers will be allowed. 

And finally, for clarification purposes, it means that you can look at what's there.  You can read it.  You can only read it. 

Then on May 4, 2021, Yahoo! Answers will no longer be online. 

A great shame, I might add! 

The term "read-only" came about after computers.  You should understand this term. 

It refers to memory, or data, or a file.  It means that you can access it, but you can not change it. 

You will be able to read what is already there - but nothing else.

That is what it means, or at least its effect.  read only means you can read it only.  not add to it, not subtract from it, not change it.  No input will be allowed from the side of the reader.

It means there will be no more input. You will be able to read what is here until it is taken down, but no one else will ever be able to add a question or answer one.... Everything will be saved for the cancel culture, and every question or answer that does not meet the approval of the cancellers will request and receive the IP address and real name of the offending poster, and their lives will be cancelled until they become re-educated.

Read only means that you can only go through what is already there.
No new answers ... no more questions .. no editing .. no thumbs up or down.

It means you can't edit the document or ask questions/make comments.

use a dictionary to look it up for you then read it you dummy .