Concept:
The magnetic moment of an atom arises due to:
• Orbital motion of electrons around the nucleus.
• Spin motion of electrons.
However, in many atoms, the magnetic moments of electrons pair up and cancel each other. Therefore, not every atom possesses a net magnetic moment.
Furthermore, a current-carrying loop always behaves as a magnetic dipole and possesses a magnetic dipole moment given by
\[
\vec{\mu}=IA\hat{n},
\]
where \(I\) is the current in the loop and \(A\) is its area.
Step 1: Examine the Assertion (A).
The statement says:
\[
\text{All atoms have a net magnetic moment.}
\]
This is incorrect because atoms having completely filled electronic shells have zero resultant magnetic moment due to cancellation of individual electron moments.
For example:
\[
\text{He, Ne, Ar}
\]
have zero net magnetic moment.
Hence, Assertion (A) is false.
Step 2: Examine the Reason (R).
The statement says:
\[
\text{A current loop does not always behave as a magnetic dipole.}
\]
This is also incorrect because every current loop behaves like a magnetic dipole and has a definite magnetic dipole moment.
Hence, Reason (R) is also false.
Therefore,
\[
\boxed{\text{Both Assertion (A) and Reason (R) are false.}}
\]