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True, but if the resistor voltage drop is significantly larger than the normal LED voltage variations then the variation in LED current is usually acceptable. To totally eliminate the effects of the LED voltage variation you can use a constant-current source instead of a voltage source to drive the LED. And for maximum efficiency you use a constant-current switched-mode supply.Aha, I understand.
But a limiting resistor only dampens the effects you describe, it doesn't entirely prevent them, or not?