Step 1: Write the Michaelis-Menten equation.
The rate of an enzyme-catalyzed reaction follows \[ v = \frac{V_{max} \cdot [S]}{K_m + [S]} \] where \( [S] \) is the substrate concentration and \( V_{max} \) is the top speed of the reaction.
Step 2: Express the rate as a fraction of \( V_{max} \).
Dividing both sides by \( V_{max} \) gives the fraction of maximum rate the reaction is running at: \[ \frac{v}{V_{max}} = \frac{[S]}{K_m + [S]} \]
Step 3: Substitute \( [S] = K_m = C \).
Putting \( [S] = K_m \) into this fraction gives \[ \frac{v}{V_{max}} = \frac{K_m}{K_m + K_m} = \frac{K_m}{2K_m} = \frac{1}{2} \] so the reaction is running at exactly half of its maximum rate the moment substrate concentration equals \( K_m \).
Final Answer:
When \( K_m = C \), the enzyme reaction runs at half its maximum rate, which is also the defining property of the Michaelis constant.
\[ \boxed{v = \frac{V_{max}}{2}} \]