The multivibrator operates by utilizing a common base configuration where the input signal is applied to the emitter of the transistor. When a negative pulse arrives at the emitter, it causes the emitter voltage to drop below the base voltage, resulting in the transistor being forward biased. This forward bias allows current to flow through the transistor, enabling it to turn on. The discussion highlights the importance of understanding the biasing conditions for proper operation of the multivibrator. Overall, the behavior of the transistor in response to input pulses is crucial for its functionality.