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From an investor's perspective, if a company has significant operating leverage, what might they anticipate in terms of the company's earnings behavior? The company's earnings

From an investor's perspective, if a company has significant operating leverage, what might they anticipate in terms of the company's earnings behavior?
The company's earnings will show significant fluctuations with changes in sales volume.
The company's earnings will show no changes with variations in sales volume:
The company's earnings will show minor fluctuations with change in sales volume:
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