The Meissner Effect is a phenomenon observed in superconductors, where they expel magnetic fields when cooled below a certain temperature. This results in the superconductor becoming perfectly diamagnetic, meaning it does not allow magnetic field lines to penetrate its interior. When a superconductor exhibits the Meissner Effect, it can levitate a magnet above it, demonstrating a unique interaction between the two. This effect is crucial for applications in technologies like magnetic levitation and MRI machines, showcasing the fascinating properties of superconductors in the field of physics.