Which option in the Caption dialog box configures whether the caption appears above or below the image Label
New Label
Position
Numbering

The correct option is;

Position

Explanation:

A the label specifically associated to an image and numbered within the document is known as a caption

A caption can also be attached to a table, an equation or other objects in the document

The positioning of captions can be done using the positioning option in the caption dialogue box

The positioning option can be accessed directly from the reference tab by clicking the insert caption and select the desired caption position from the position drop-down  menu.

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