Final answer:
The lock and key model suggests a rigid, perfect fit between enzyme and substrate, whereas the induced fit model proposes that the enzyme's active site is flexible and adjusts its shape for an optimal fit.
Step-by-step explanation:
The significant difference between the induced fit model and the lock and key model of enzyme action relates to the flexibility of the enzyme's active site when binding to the substrate. The lock and key model proposes that the enzyme's active site and substrate are a perfect geometric match, much like a key fits into a specific lock, implying a rigid, unchanging structure of the active site. In contrast, the induced fit model suggests that the active site is flexible and undergoes a conformational change to accommodate the substrate more effectively, adapting its shape for a precise fit during the formation of the enzyme-substrate complex.