Step 1: Analyze the Assertion.
The assertion states the correct order of acid strengths based on the substituent groups attached to the phenol ring. When comparing compounds like p-Nitrophenol, p-Methoxyphenol, Phenol, and p-chlorophenol, the acid strength indeed follows the order:
\[
\text{p-Nitrophenol} > \text{p-Methoxyphenol} > \text{Phenol} > \text{p-chlorophenol}.
\]
This is because electron-withdrawing groups like \( \text{NO}_2 \) (in p-Nitrophenol) increase acidity, while electron-donating groups like \( \text{OCH}_3 \) (in p-Methoxyphenol) decrease acidity.
Step 2: Analyze the Reason.
The reason provided is correct: electron-withdrawing groups (such as \( \text{NO}_2 \)) increase the acidity of phenol by stabilizing the conjugate base, while electron-donating groups (such as \( \text{OCH}_3 \)) make the conjugate base less stable, thereby decreasing the acidity.
Step 3: Conclusion.
Both the assertion and reason are correct; however, in this specific case of the assertion question, both options stand to be true. Thus, we conclude that Option (C) is the correct answer.