Enzyme kinetics is the study of reaction rates catalyzed by enzymes. Michaelis and Menten developed an equation to describe enzyme kinetics based on the assumptions that enzyme-substrate complexes form rapidly and at steady state. The Michaelis-Menten equation relates reaction rate to substrate concentration and can be linearized using double reciprocal plots. Enzyme kinetics are affected by factors like pH, temperature, and substrate concentration, and some enzymes use two substrates in either sequential or double displacement mechanisms.