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The Venturi effect describes the phenomenon where fluid pressure decreases and fluid velocity increases as the fluid moves through a constricted section of a pipe or channel. This effect is a direct consequence of the principle of conservation of energy and Bernoulli's principle, which states that in a flowing fluid, high velocity relates to low pressure and low velocity relates to high pressure.

When a fluid enters a constricted area, it must speed up to maintain the flow rate, thereby leading to an increase in its velocity. According to Bernoulli’s equation, as the fluid's velocity increases in the narrow section, the pressure within that region decreases. This interplay is key to applications like carburetors and atomizers, where the design relies on these changes in velocity and pressure to function effectively.

Thus, the correct understanding of the Venturi effect is that a reduction in fluid pressure coincides with an increase in fluid velocity, making the answer that encapsulates this relationship the accurate choice.