The desirable properties for making permanent magnets are

A perfectly diamagnetic sphere has a small spherical cavity at its centre, which is filled with a paramagnetic substance. The whole system is placed in a uniform magnetic field $\overrightarrow{\mathrm{B}}$. Then the field inside the paramagnetic substance is:

Magnetic materials used for making permanent magnets $\left(\mathrm{P}\right)$ and magnets in a transformer $\left(\mathrm{T}\right)$ have different properties of the following, which property best matches for the type of magnet required?

Given below are two statements: one is labelled as Assertion $\mathbf{A}$ and the other is labelled as Reason $\mathbf{R}$.
Assertion A : Electromagnets are made of soft iron.
Reason R : Soft iron has high permeability and low retentivity.
In the light of above statements, choose the most appropriate answer from the options given below.