The MTT assay is a colorimetric assay that measures cell metabolic activity and viability. It works by measuring the reduction of yellow MTT by mitochondrial succinate dehydrogenase in living cells into an insoluble purple formazan product. The amount of formazan produced corresponds to the number of viable cells and can be quantified spectrophotometrically. The MTT assay involves adding MTT reagent to cells, incubating to allow formazan formation, solubilizing cells, and measuring absorbance to determine cell viability and proliferation rates.