This paper studies aspects of the dynamics of a conventional mechanism of ligand-receptor interactions, with a focus on the stability and location of steady-states. A theoretical framework is developed, which is based upon the rich and deep formalism of irreducible biochemical networks. When represented in this manner, the mass action kinetics of biochemical processes can be clearly seen in terms of their component biochemical interactions, their kinetic rate constants, and the stoichiometry for the system. A minimal parametrization is provided for models for two- or multi-state receptor interaction with ligand, and an "affinity quotient" is introduced, which allows an elegant classification of ligands into agonists, neutral agonists, and inverse agonists.