What is the Difference Between the Conjugate Effect and the Inductive Effect?
Conjugate effect (or delocalization) is an effect in which molecular orbitals (MOs) are conjugated to new molecular orbitals that are more delocalized and therefore generally lower in energy (the amount of MOs stays the same of course). The electrons can move freely in these new extended orbitals. As an example consider this MO diagram of butadiene.



Note that the lowest energy MO is the MO with the least amount of nodes.

Inductive effect on the contrary does not increase delocalization but just pulls electrons towards the inductive (polarized) atom, this, for example, makes lone pairs less available decreasing the nucleophility of a molecule and increase its acidity. A lot of the time this inductive effect will be achieved trough a $\ce{C-X}$ (fluorine and chlorine) bond and you can observe its inductive effect simply by looking at the acidity of a series of more and less substituted molecules. Compare for example trifluoroacetic acid (pKa of 0.23) with regular acetic acid (pKa of 4.76).

I'm not exactly sure though what effect induction has on the size of a MO (but it won't match the effects of conjugation for sure). It is clear however, that the electron distribution will shift toward the spatial direction of the inductive atom.