Assertion: The price consumption curve is backward sloping in case of Giffen goods.
Reason: A fall in price of a good leads to a smaller quantity of the good demanded.
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 wrong, but (R) is correct.