The correct answer is: (B) Statement (1) is correct.
Let's analyze the two statements:
This statement is correct. A single gene typically regulates a specific trait, but some genes can affect multiple traits. This phenomenon is known as pleiotropy. For example, a gene may control several characteristics or phenotypic traits, such as coat color and eye color in certain animals.
This statement is incorrect. The AB blood group is regulated by two co-dominant alleles, A and B. Both alleles are expressed equally, and neither is dominant or recessive. Therefore, the AB blood group is an example of co-dominance, but the explanation given is not accurate.
Thus, the correct answer is that Statement (1) is correct.