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This lecture covers the quantitative description of ligand-receptor binding at equilibrium, including association and dissociation kinetics, the relationship between ligand concentration, binding, and effect, as well as the mechanisms of agonists, allosteric modulators, and antagonists. It also discusses the measurement and examples of association and dissociation kinetics, the impact of kon and koff rates on drug therapy, and the kinetics of effect appearance and drug washout.