Correct option is B
Assertion (A) Analysis: The Seven Years' War was not "essentially" a war of Austrian succession; it was a global conflict with multiple causes. While it did involve Austria's attempt to regain Silesia (lost in the earlier War of the Austrian Succession), colonial rivalry between Britain and France was an equally primary cause, particularly in North America (where it was known as the French and Indian War) and India. Thus, the characterization that it was "essentially" a war of Austrian succession is inaccurate. However, the second part of the assertion, that it profoundly altered the balance of power in North America, is true. The first part of the statement makes the entire Assertion (A) false.
Reason (R) Analysis: The Seven Years' War, ending with the Treaty of Paris in 1763, resulted in France ceding all of its North American continental possessions (Canada and all lands east of the Mississippi to Britain, and Louisiana to Spain). This effectively marked the end of the French Empire in North America as a political and military power. Thus, Reason (R) is true.
Based on the analysis, (A) is false and (R) is true.
Therefore, the correct option is (b) (A) is false but (R) is true.