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You are the lead cloud engineer at a company that provides real-time analytics services to clients. Your cloud application experiences unpredictable workloads, with usage spikes during certain events and lulls at other times. To maintain high performance and cost-effectiveness, the application's infrastructure must be able to scale resources up or down in response to these changing demands. Which characteristic of cloud computing should be leveraged to ensure that the application can automatically adjust its resource allocation in real-time, and why is this characteristic essential for the application's operational efficiency?