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which azure networking component is the core unit from which admins can have full control over the IP address assignments, Name resolution, Security settings, and Routing rules?

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The answer is Virtual Networks

The IP address refers to being able to allot IP addresses to different hosts. This may be done statically if DHCP is off otherwise it is done using the Dynamic Host Control Protocol. 

Firewalls, Intrusion Detection systems and Port forwarding are responsible for the security settings. 

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