Read the following statements - Assertion (A) and Reason (R):
Assertion(A): There is a negative relationship between price of a commodity and quantity demanded, which is referred to as the Law of Demand.
Reason(R): Law of Diminishing Marginal Utility explains why demand curve is downward sloping.
From the given alternatives choose the correct one:

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

The correct option is: Option 2: Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).

Assertion(A): There is a negative relationship between price of a commodity and quantity demanded, which is referred to as the Law of Demand.  This is correct. The Law of Demand is a fundamental principle in economics. It states that as the price of a good or service increases, the quantity demanded by consumers will decrease, all other factors remaining constant. This means there's a negative relationship between price and quantity demanded.
Reason(R): Law of Diminishing Marginal Utility explains why demand curve is downward sloping. This is also correct. The law of diminishing marginal utility states that each successive unit of a commodity provides lower marginal utility. Therefore, the individual will not be willing to pay as much for each additional unit as he paid for the previous unit and this results in a downward sloping demand curve. At a price of Rs. 40 per unit x, individuals demand for x was 5 units. The 6th unit of commodity x will be worth less than the 5th unit. The individual will be willing to buy the 6th unit only when the price drops below Rs. 40 per unit. Hence, the law of diminishing marginal utility explains why demand curves have a negative slope.

While both Assertion (A) and Reason (R) are true, Reason (R) does not directly explain Assertion (A). The Law of Diminishing Marginal Utility explains the downward slope of the demand curve, but it doesn't directly address the negative relationship between price and quantity demanded as described in Assertion (A).