Let's say you're playing the sequel to your favorite game, which has better graphics. You're at 75Hz refresh rate still, but now you're only getting 50FPS, 33% slower than the refresh rate. That means every time the monitor updates the screen, the video card draws 2/3 of the next frame. So lets track how this works. The monitor just refreshed, and frame 1 is copied into the frame buffer. 2/3 of frame 2 gets drawn in the back buffer, and the monitor refreshes again. It grabs frame 1 from the frame buffer for the first time. Now the video card finishes the last third of frame 2, but it has to wait, because it can't update until right after a refresh. The monitor refreshes, grabbing frame 1 the second time, and frame 2 is put in the frame buffer. The video card draws 2/3 of frame 3 in the back buffer, and a refresh happens, grabbing frame 2 for the first time. The last third of frame 3 is draw, and again we must wait for the refresh, and when it happens, frame 2 is grabbed for the second time, and frame 3 is copied in. We went through 4 refresh cycles but only 2 frames were drawn. At a refresh rate of 75Hz, that means we'll see 37.5FPS. That's noticeably less than 50FPS which the video card is capable of. This happens because the video card is forced to waste time after finishing a frame in the back buffer as it can't copy it out and it has nowhere else to draw frames.