Multistability refers to the phenomenon that an image can have two states of being in the mind, even though the image is physically only a single state on paper/screen. For example the image below is what the human mind might contruct as a three dimensional cube, while this is impressive in its own right, multistability is concerned instead with the fact that this image can be interchangeably seen in two ways;
And interestingly we are able to swap between the two perspectives at will. Meaning this image exists in multiple states at once. This ability is not constrained to just three-dimensional wireframes either. There are other occassions, such as in silhouettes, where in the dark outline we see one object and in the stark relief we can see a different object altogether in the light. This has to do with contrast and we will encounter a good example of this when dicussing the Gestalt Law of Figure/ground.