In computer science, the satisfiability problem is the task of determining whether a boolean problem can be satisfied, that is, made to be true, by some combination of inputs. For example, the expression: A AND NOT B is satisfied whenever A is true and B is false, while the expression: A AND NOT A cannot be satisfied.
A naive approach to satisfiablilty would be to check every possible input and see if the expression evaluates to true.
However, the number of combinations that must be checked is 2n, where n is the number of variables in the expression. This is what is meant by exponential time.
The exponential time hypothesis conjectures that you cannot do better, that is, the number of operations needed to solve satisfiability will always be exponential in the size of the problem, no matter what algorithm is chosen.
If this hypothesis is true, it would imply that P≠NP, because satisfiability has been shown to be in NP, and in order for it to be in P there would have to exist an algorithm that solves it in polynomial time.