Which statement about the cost of living in an area is correct?(1 point) Responses The cost of living is an estimated expense of a family’s basic needs in an area. The cost of living is an estimated expense of a family’s basic needs in an area. The cost of living includes the bare necessities an individual requires for survival and safety. The cost of living includes the bare necessities an individual requires for survival and safety. The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes. The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes. The cost of living is the amount of money that is paid for work or services rendered

Answer 1

The cost of living is an estimated expense of a family's basic needs in an area.