The correct option is C Assertion is correct but Reason is incorrect.
Allosteric enzymes function through reversible, noncovalent binding of a regulatory metabolite called a modulator. Allosteric enzymes are those having "other shapes" or conformations induced by the binding of modulators. In some multienzyme systems, the regulatory enzyme is specifically inhibited by the end product of the pathway, whenever the end product increases in excess of the cell's needs. When the regulatory enzyme reaction is slowed, all subsequent enzymes operate at reduced rates because their substrates are depleted by mass action. The rate of production of the pathway end product is thereby brought into balance with the cell's needs. This type of regulation is called as feedback inhibition. Inhibitor is not competitive.
So, the correct answer is option C.