Which statement is correct about the below pseudocode? $($Example: Line $1$: if Price $>500$ && price $<1000)$

Checks whether the price is less than $500$ or more than $1000$

Checks whether the price is more than $500$ or less than $1000$

Checks whether the price is more than $500$ and less than $1000$

Checks whether the price is less than $500$ and more than $1000$