To solve the problem, let's evaluate the two given statements:
Statement I: "Diamagnetic Li₂ molecules are known to exist in the vapor phase."
This statement is correct. Lithium (Li) has two electrons, and when two lithium atoms form a molecule (Li₂), the two electrons pair up in the bonding molecular orbital, resulting in no unpaired electrons. As a result, Li₂ is diamagnetic and can exist in the vapor phase under appropriate conditions.
Statement II: "According to M.O theory, the double bond in C₂ consists of both π bonds."
This statement is incorrect. In the molecule \( C_2 \), the bonding involves both sigma and pi bonds. According to Molecular Orbital (M.O.) theory, the double bond in \( C_2 \) consists of one sigma bond and one pi bond, not two pi bonds. Therefore, Statement II is incorrect.
Conclusion: Since Statement I is correct, but Statement II is not.
Final Answer:
The correct option is (C) Statement I is correct, but Statement II is not correct.
Regarding the molecular orbital (MO) energy levels for homonuclear diatomic molecules, the INCORRECT statement(s) is (are):
Which of the following are ambident nucleophiles?
[A.] CN$^{\,-}$
[B.] CH$_{3}$COO$^{\,-}$
[C.] NO$_{2}^{\,-}$
[D.] CH$_{3}$O$^{\,-}$
[E.] NH$_{3}$
Identify the anomers from the following.

The standard Gibbs free energy change \( \Delta G^\circ \) of a cell reaction is \(-301 { kJ/mol}\). What is \( E^\circ \) in volts?
(Given: \( F = 96500 { C/mol}\), \( n = 2 \))