Final answer:
Hormones should be characterized by EC50 instead of kd because kd characterizes the binding of ligands, not hormones. Receptor endocytosis can prevent equilibrium between binding and dissociation from being reached. The dissociation constant kd is not related to the biological response of hormones.
Step-by-step explanation:
The reason it might be better to characterize hormones by EC50 than by kd is because the equilibrium dissociation constant kd characterizes the binding of ligands, not hormones.
Hormones can undergo receptor endocytosis, which may prevent equilibrium between binding and dissociation from being reached.
Additionally, the dissociation constant kd has nothing to do with the biological response of hormones.