Which of the following is true with regard to peak-load pricing?(a) It is applicable only for electrical public utilities.(b) It leads to substitution in consumption from the period of peak demand to the period of low demand.(c) It leads to reduction in consumer welfare.(d) It leads to higher consumer welfare during peak periods when demand and marginal costs are low.Codes:

• A. (a) u0026 (b) only.
• B. (a) u0026 (c) only.
• C. (b) and (d) only.
• D. (b) u0026 (c) only.