Right option is (b) It has high thermal and high electric conductivity
To explain I would say: The carbon atoms of graphite structure are sp^2 hybridized, with an additional p orbital, containing a single electron, perpendicular to the plane of the rings. These p orbitals overlap with the similar p orbitals on adjacent carbon atoms resulting in an infinite, two dimensional, delocalized ∏ electrons due to which according to the band theory terminology, it forms conduction band of graphite which results as a high thermal and electrical conductivity.