Step 1: Analyze Assertion (A).
Assertion (A) states that magnetic monopoles do not exist. This is a fundamental principle in magnetism, supported by all experimental evidence so far. While theoretical frameworks like Dirac's theory suggest the possibility of magnetic monopoles, they have not been observed.
Therefore, Assertion (A) is considered correct within the current understanding of physics.
Step 2: Analyze Reason (R).
Reason (R) states that magnetic field lines are continuous and form closed loops. This is a direct consequence of Gauss's law for magnetism (\( \oint \vec{B} \cdot d\vec{A} = 0 \)), which implies that there are no isolated magnetic poles (sources or sinks of magnetic field). The magnetic field lines originate from the north pole of a magnetic material and terminate at the south pole, but they continue inside the material, forming closed loops.
Therefore, Reason (R) is also correct.
Step 3: Determine if Reason (R) is the correct explanation of Assertion (A).
The fact that magnetic field lines form closed loops is a direct consequence of the non-existence of isolated magnetic poles (monopoles). If magnetic monopoles existed, the magnetic field lines would originate from a north monopole and terminate at a south monopole, and they would not necessarily form closed loops. The continuity and closed-loop nature of magnetic field lines are a manifestation of the fundamental absence of magnetic monopoles.
Therefore, Reason (R) is the correct explanation of Assertion (A).