The phoropter is an instrument used in eye examinations to efficiently change lenses and perform subjective refraction. It contains controls for spherical and cylindrical lenses, auxiliary lenses, and adjustments for patient positioning. The refraction process involves preliminary steps to set up the phoropter for the patient. The subjective refraction then establishes the spherical power, refines the cylindrical axis and power, and balances the prescription between the two eyes. Tests like fogging, Jackson cross cylinder, duochrome, and pinhole are used to objectively verify the prescription.