Final answer:
A hypervisor is the hardware virtualization technique that enables multiple guest operating systems to operate on a single host system simultaneously. It manages and allocates host system resources to each guest OS efficiently.
Step-by-step explanation:
The hardware virtualization technique that allows multiple guest operating systems to run on a single host system at the same time is called a hypervisor. A hypervisor, also known as a virtual machine monitor (VMM), is a type of software, firmware, or hardware that creates and runs virtual machines (VMs). Each guest operating system appears to have the host's processor, memory, and resources to itself. However, the hypervisor is actually controlling the host processor and resources, allocating what is needed to each operating system in turn and ensuring that the operating systems do not disrupt each other.
There are two types of hypervisors. Type 1, or bare-metal hypervisors, run directly on the host's hardware to control the hardware and manage the guest operating systems. Type 2, or hosted hypervisors, run on a conventional operating system just as other computer programs do.