When we use malloc() to allocate memory, should we give the size which is in power of two? Or we just give the exact size that we need?
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This is totally dependent on the given libc implementation of malloc(3). It's up to that implementation to reserve heap chunks in whatever order it sees fit.
To answer the question - no, it's not "better" (here by "better" you mean ...?). If the size you ask for is too small, malloc(3) will reserve bigger chunk internally, so just stick with your exact size.