Polynomial time refers to a complexity class of algorithms whose running time grows at a polynomial rate with respect to the input size. This means that if an algorithm runs in polynomial time, its performance can be expressed as $O(n^k)$, where $n$ is the size of the input and $k$ is a constant. Polynomial time is significant because it helps distinguish between efficient algorithms and those that may be impractical for large inputs, particularly in problems related to optimization, approximation, and computational classes.
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