The kinetic and physical properties of the allosteric enzyme, aspartate transcarbamoylase from Escherichia coli, have been analyzed according to the two-state model (Monod, J., Wyman, J., and Changeux, J.-P. (1965), J . Mol. Biol. 12, 88). An internally consistent set of calculated parameters accounted quantitatively for the results from diverse experiments including: (a) enzyme kinetics as a function of the concentration of aspartate in the presence of saturating carbamoyl phosphate; (b) gross conformational changes of the enzyme, revealed by the decrease in the sedimentation coefficient and the increase in the reactivity of the sulfhydryl groups of the regulatory subunits, as a function of the extent of saturation of the active sites by the bisubstrate analogue, N-(phosphonacety1)-L-aspartate; (c) stimulation of enzymic activity at low concentrations of the substrate analogue, succinate; and (d) effects of the inhibitor, CTP, and the activator, ATP, on the kinetic and physical properties of the enzyme. The data were interpreted in terms of an equilibrium between a constrained or low-affinity (T) state and a relaxed or highaffinity (R) form of the enzyme and the perturbation of the equilibrium by the addition of various ligands. In the absence