Step 1: Understanding the Concept:
Enzyme activity in metabolic pathways is fine-tuned through non-covalent allosteric modulation and reversible covalent modification.
Step 2: Detailed Explanation:
1. Statement I: Allosteric regulation occurs when an effector ligand (activator or inhibitor) binds reversibly to a dedicated regulatory/allosteric site distinct from the catalytic active site, inducing a conformational shift between the relaxed (R) and tense (T) quaternary states. Hence, Statement I is true.
2. Statement II: Reversible covalent modification (e.g., protein kinases adding phosphate to Ser/Thr/Tyr residues and protein phosphatases removing them, such as in glycogen phosphorylase) is a universal regulatory mechanism. Hence, Statement II is true.
Step 3: Final Answer:
Therefore, Both Statement I and Statement II are true, corresponding to option (A).