Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Business Environment and International Business Concepts and elements of business environment Legal Environment
Given below are two statements, one labelled as Assertion (A) and the other labeled as Reason (R). Read the statements and choose the correct answer using the code given below.
Assertion (A): Consumers need to be given legal protection against certain trade practices and business methods.
Reason (R): Protection as per market forces and 'Caveat Emptor' is not enough as perfectly competitive market is an economist's dream and consumer sovereignty is a myth.
1
(A) is correct but (R) is incorrect
2
(A) is incorrect but (R) is correct
3
Both (A) and (R) are correct and (R) is the right explanation of (A)
4
Both (A) and (R) are correct but (R) is not the right explanation of (A)