The correct name for the compound Cr2O3 is Chromium(III) oxide.
This compound consists of chromium and oxygen, where chromium has an oxidation state of +3. The notation ‘Cr2O3’ indicates that there are two chromium atoms for every three oxygen atoms in the compound. The Roman numeral (III) in the name denotes the oxidation state of the chromium ions present in the compound. Understanding the naming conventions of chemical compounds helps in identifying the elements involved and their respective valences, which is crucial for grasping the properties and behavior of the compound in chemical reactions.