What are Wildcards in the context of Access Control Lists $($ACLs$)?$

What are Wildcards in the context of Access Control Lists $($ACLs$)?$

Wildcards are binary equivalents of subnet masks used in Standard ACLs.

Wildcards are used to define the range of IP addresses allowed in both Extended and Standard ACLs.

Wildcards are inverted subnet masks used only in Extended ACLs.

Wildcards are binary equivalents of IP addresses used to identify network devices.

Question at position $8$

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