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Irish Electrical Co. is a supplier of electricity in Ireland. When Irish Electrical cannot meet demand from its own sources, it purchases electricity from the UK, at the prevailing UK electricity price, which is delivered to the Irish electricity network via an inter-connector. During particularly cold weather in 2019, Irish Electrical raised electricity prices by 50% and customers believed that they were the victims of market power. Which of the following would indicate that consumers' beliefs were correct?
a. Irish Electrical's marginal costs increased
b. Due to carbon taxes in the UK, the cost of generating electricity is higher in the UK than in Ireland
c. Due to very high demand in the UK, Irish Electrical could only procure a limited amount of electricity
d. Building the inter-connector from the UK to Ireland was very expensive
e. In 2018, Irish Electrical purchased the only other two electricity supply companies in Ireland
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