The graph given below represents the I-V characteristics of a zener diode. Which part of the characteristics curve is most relevant for its operation as a voltage regulator ?

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A zener diode operates as a voltage regulator in its reverse breakdown region, where it maintains a nearly constant voltage despite large changes in current. On the I-V curve, this is the steep, almost vertical portion after the breakdown voltage. Observing the provided graph, this region is labeled as 'cd'. Therefore, the segment 'cd' is the most relevant for its voltage regulation operation.
Final Answer: cd