When should we use a Classic Load Balancer vs. an Application load balancer?

A Classic Load Balancer is used for simple load balancing of traffic across multiple EC2 instances.
An Application Load Balancer is more suited for Microservices based architecture or container-based architecture. Mainly in these architecture there is a need to do load balancing as well as there is need to route traffic to multiple services on same EC2 instance.

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