Given below are two statements:
One is labelled as Assertion A and the other is labelled as Reason R.
Assertion (A): The theories of price determination under oligopoly are found to be inapplicable to real life market conditions.
Reason (R): Real life oligopoly market situation is characterized by small number of sellers, interdependence of decision making, barriers to entry, indeterminate price and output; all leading to wide variety of situations.
In the light of the above statements, choose the most appropriate answer from the options given below:
Codes

Correct option is A

Assertion 'A' states that the theories of price determination under oligopoly are found to be inapplicable to real-life market conditions. This statement is correct.
Reason 'R' provides an explanation for Assertion 'A' by stating that real-life oligopoly market situations are characterized by a small number of sellers, interdependence of decision making, barriers to entry, indeterminate price and output, which all lead to a wide variety of situations. This explanation is also correct and supports Assertion 'A'.
Therefore, option (a) is the correct answer.