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A linked list is a linear data structure in which elements are connected using pointers. Each element in a linked list, called a node, contains a value and a reference to the next node in the list. The last node in the list has a reference to null, indicating the end of the list. Linked lists are dynamic and flexible data structures, as elements can be added or removed from the list easily, without the need to shift other elements around. They are often used to implement stacks, queues, and other data structures where insertion and deletion operations are frequently performed.