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This lecture covers the quantitative description of ligand-receptor binding, including equilibrium binding, association and dissociation kinetics, and the relationship between ligand concentration, binding, and effect. It also discusses the mechanisms of agonists, allosteric modulators, and antagonists, as well as the different types of receptors and their signaling pathways. The presentation delves into the concepts of efficacy and potency of drugs, illustrated with concentration-effect curves and examples of partial agonists. Additionally, it explores the models of ligand-receptor interaction, constitutive activation of receptors, and the effect of biased agonism on different signaling pathways.