Given below are two statements: One is labeled as Assertion A and the other is labeled as Reason R-
Assertion A: By removing barriers between national markets, trading blocks create competition due to bigger trading areas.
Reason R: Increased competition can lead to the closure of local industry and harm domestic consumption.
In the light of the above statements, choose the most appropriate answer from the options given below:
1
Both A and R are correct and R is the correct explanation of A
2
Both A and R are correct but R is not the correct explanation of A
3
A is correct but R is not correct
4
A is not correct but R is correct