What is repair disk permissions on a external drive for mac

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I see it also on the entire Applications directory as well as System, Users, and Library. The update wouldn't perform, and that's when I discovered the permissions issue on the. Running on it just fine, until I attempted to update Firefox. I have just migrated (using Migration Assistant) the stock internal HD of a 2007-era Macbook pro running 10.7.4, to a new SSD drive.

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I have this identical problem, with the identical scenario as depicted in the OP's screenshot post.