The universal property of limits describes a unique way in which limits can be characterized by certain morphisms in category theory. It states that for a diagram of objects and morphisms, the limit exists if there is a unique cone to it from any other object in the category, thus ensuring that the limit not only exists but also is the most efficient way to represent relationships among the objects in the diagram. This concept is closely tied to how limits are preserved and understood within the framework of categorical completeness and also contrasts with dual notions like colimits.
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