Step 1: Understanding the Question:
This question tests knowledge of glycolysis and its regulatory steps.
Step 2: Detailed Explanation:
In erythrocytes, seven of the ten glycolytic reactions operate near equilibrium.
The three irreversible reactions (hexokinase, phosphofructokinase, pyruvate kinase) are far from equilibrium.
This statement is true.
The driving force for glycolysis lies in the reactions that are far from equilibrium (irreversible reactions).
These reactions are the regulatory steps.
Near-equilibrium reactions are not the driving force.
This statement is false.
Thus, Statement I is correct but Statement II is incorrect.
Step 3: Final Answer:
Thus, Statement I is correct but Statement II is incorrect, which corresponds to option (C).
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