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Your friend is panicking because he thinks you are both going to be late for a concert. Select ALL the text message replies that correctly use "it" to talk about time.
The correct answers are Relax, it is only six o'clock! and It's still early for the show.
We use the impersonal pronoun it to talk about the time.
Even though "it" doesn't refer to a specific object here, English sentences require a subject, so we cannot just say "Is only six o'clock."