Can an artificial neural network with only one hidden layer suffice for all applications?

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I have heard that only a single layer is needed for an artificial neural network to fit any possible function (input to output).

  1. Is this true and where is this shown?

  2. If this is true, then what is the advantage of having multiple layers?

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http://www.faqs.org/faqs/ai-faq/neural-nets/part3/