Step 1: Understanding the Concept
The oxygen dissociation curve is the sigmoid curve plotting percentage saturation of haemoglobin with oxygen against the partial pressure of oxygen.
Step 2: Statement (I)
This is the correct definition of the oxygen dissociation curve, so Statement (I) is correct.
Step 3: Statement (II)
The curve shifts to the right (lower affinity of haemoglobin, more oxygen released) when \(\text{H}^{+}\) concentration, \(\text{pCO}_{2}\) and temperature increase.
A decrease in \(\text{H}^{+}\) and temperature shifts the curve to the left, so Statement (II) is incorrect.
Final Answer:
Statement (I) is correct but Statement (II) is incorrect.
\[ \boxed{\text{(C) }\text{Statement (I) is correct but Statement (II) is incorrect}} \]