Final answer:
Bile is produced by the liver and stored and concentrated in the gallbladder, which releases it into the small intestine to aid in fat digestion and neutralize stomach acid.
Step-by-step explanation:
Bile is a digestive fluid produced by the liver, crucial for the digestion and absorption of fats. This yellowish-green liquid, comprised mainly of bile salts, is stored and concentrated in the gallbladder. When food rich in fats enters the small intestine, specifically the duodenum, bile is released from the gallbladder to facilitate the break down of these fat molecules, making them easier to digest, and also to neutralize the acidic content that comes from the stomach.