Given below are two statements, one labeled as Assertion (A) and the other labeled as Reason (R).
Assertion (A) : The slope of the LM curve is upward from left to right.
Reason (R) : For a given supply of money, an increase in the level of income, increases demand for money leading to high rate of interest.
In the context of the above statements, which of the following is true ?
1
Both (A) and (R) are correct and (R) is the right explanation of (A)
2
(A) is correct, (R) is not the right explanation of (A)
3
(A) is correct, but (R) is not correct
4
(A) is not correct, but (R) is correct