Statement I: Acetylene (C₂H₂) is used in the oxy- acetylene flame for welding and cutting metals because it produces a very high temperature flame when burned with oxygen. This statement is correct. Statement II: Acetylene is an important organic chemical used as a building block (monomer) in the synthesis of various plastics, including polyvinyl chloride (PVC), neoprene rubber, and vinyl acetate. This statement is correct. Statement III: Acetylene is typically obtained industrially by the incomplete combustion of hydrocarbons like methane or by the reaction of calcium carbide (CaC₂) with water. The reaction with silicon carbide (SiC) and water does not produce acetylene. This statement is incorrect.