Question : Assertion: Product refers to only tangible items offered to the market for exchange.
Reason: A product can be either a tangible good or an intangible service, addressing customer needs and wants.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Solution : The correct answer is (a) Both assertion and reason are true, and the reason is the correct explanation of the assertion.
The assertion is partially true. It states that a product refers to only tangible items, which is correct to some extent, but it's incomplete as it excludes intangible services.
The reason is also true and provides the correct explanation. It explains that a product can indeed be either a tangible good or an intangible service, both of which aim to address customer needs and wants. This expands upon the assertion and provides the correct and complete explanation, indicating that a product is not limited to tangible items only.
