Question

Assertion (A) : Perfect competition prevails when the demand for the output of each producer is perfectly elastic,
Reasoning (R) A single uniform price prevails under perfect competition which is determined by the Interaction of demand and supply:
Options 1) (A) is True, but (R) is False
2) (A) is false, but (R) is True
3) Both (A) and (R) are True and (R) is the correct explanation of (A)
4)Both (A) and (R) are Tue and (R) is not the correct explanation of (A)​

Answer 1

the interaction of demand and supply is not the correct explanation of assertion