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Population protocols are a distributed computing model appropriate for describing massive numbers of agents with very limited computational power (finite automata in this paper), such as sensor networks or programmable chemical reaction networks in synthetic biology. A population protocol is said to require a leader if every valid initial configuration contains a single agent in a special "leader" state that helps to coordinate the computation. Although the class of predicates and functions computable with probability 1 (stable computation) is the same whether a leader is required or not (semilinear functions and predicates), it is not known whether a leader is necessary for fast computation. Due to the large number of agents n (synthetic molecular systems routinely have trillions of molecules), efficient population protocols are generally defined as those computing in polylogarithmic in n (parallel) time. We consider population protocols that start in leaderless initial configurations, and the computation is regarded finished when the population protocol reaches a configuration from which a different output is no longer reachable. In this setting we show that a wide class of functions and predicates computable by population protocols are not efficiently computable (they require at least linear time), nor are some linear functions even efficiently approximable. It requires at least linear time for a population protocol even to approximate division by a constant or subtraction (or any linear function with a coefficient outside of N), in the sense that for sufficiently small gamma > 0, the output of a sublinear time protocol can stabilize outside the interval f(m) (1 +/- gamma) on infinitely many inputs m. In a complementary positive result, we show that with a sufficiently large value of gamma, a population protocol can approximate any linear f with nonnegative rational coefficients, within approximation factor gamma, in O(log n) time. We also show that it requires linear time to exactly compute a wide range of semilinear functions (e.g., f(m)=m if m is even and 2m if m is odd) and predicates (e.g., parity, equality).