Q. Assertion (A) Lack of water indirectly decreases the rate of photosynthesis.
Reason (R) Lack of water causes wilting of leaves, which reduces their surface area.

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Solution:

Both Assertion and Reason are true and Reason is the correct explanation of Assertion.
Lack of water indirectly decreases the rate of photosynthesis as lack of water causes wilting of leaves. This leads to a decrease in the surface area of leaves which subsequently leads to the reduced availability of surface area for exchange of gases to carry out photosynthesis.