Final answer:
Interpreters translate high-level code into machine language during program execution and allow for code modification at run-time, but they result in slower program run-time compared to compiled code.
Step-by-step explanation:
Interpreters are a type of software used for executing programs. They translate high-level programming languages into machine language on the fly, meaning they convert code to binary while the program is running, instead of ahead of time like compilers. One of the key characteristics of interpreters is that they make it possible to change the source program while the program is running. This can be advantageous for dynamic debugging and interactive coding sessions.
However, one of the trade-offs with interpreters is that they offer a program run-time that is slower than when a compiler is used for the translation. This is because interpreters analyze and execute the code line by line, which takes more time than executing pre-compiled code. So, while they do enable flexibility during development, this flexibility comes at the expense of performance during execution.