Final answer:
The molecular compound N2O4 is correctly named Dinitrogen Tetroxide, with the 'di-' prefix indicating two nitrogen atoms and 'tetra-' for four oxygen atoms.
Step-by-step explanation:
The correct name for the molecular compound N2O4 is Dinitrogen Tetroxide. In chemical nomenclature for covalent compounds, prefixes are used to denote the number of each type of atom present in the compound. The prefix 'di-'indicates two nitrogen atoms, while 'tetra-' signifies four oxygen atoms. Since nitrogen comes before oxygen in the periodic table, it is listed first in the compound name.