Enzymes are biological catalysts that increase the rate of biochemical reactions by lowering the activation energy required. Consider a hypothetical enzyme, Enzyme X, which has distinct binding sites that enable it to bind to both the substrate and a competitive inhibitor simultaneously. This leads to complex formation that affects the overall reaction kinetics of Enzyme X.
Which of the following statements accurately describes the effect of this competitive inhibitor on the enzymatic activity of Enzyme X based on their binding characteristics?