Choose the correct statement:
Assertion: In a circular motion, the centripetal and centrifugal forces acting in opposite directions balance each other.
Reason: Centripetal and centrifugal forces don’t act at the same time.

The correct answer is: The assertion is correct, but the reason is wrong.

While moving along a circle, the body has a constant tendency to regain its natural straight line path.This tendency gives rise to a force called centrifugal force. The centrifugal force does not act on the body in motion, the only force acting on the body in motion is centripetal force. The centrifugal force acts on the source of centripetal force to displace it radially outward from centre of the path. Centripetal force and centrifugal force can't cancel each other because they both are same force depending upon the frame of reference. So, both Assertion and Reason are incorrect.