Given below are two statements: One is labelled as Assertion A and the other is labelled as Reason R.
Assertion A: A form of market failure results when products of different qualities are sold at a single price.
Reason R : A buyer and a seller possess different information about the product transacted.
In the light of the above statements, choose the most appropriate answer from the options given below:
1
Both A and R are true and R is the correct explanation of A
2
Both A and R are true but R is not the correct explanation of A
3
A is true but R is false
4
A is false but R is true