Read the following statements - Assertion (A) and Reason (R): Assertion (A) Perfect competition consists of price-taking firms, if it sets a price above the market price, it will be unable to sell any quantity of the good that it produces. Reason(R) Perfectly competitive markets have homogenous goods and free entry and exit. v From the given alternatives choose the correct one:

Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A). Assertion (A) is true but Reason (R) is false. Assertion (A) is false but Reason (R) is true.

Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).