1. When a PN diode is forward biased, the depletion region width decreases, allowing a heavy flow of majority carriers across the junction and an exponential rise in current.
2. In forward bias, the voltage remains near 0.7V but current rises rapidly above this point. In reverse bias, very little current flows as the depletion region widens.
3. The I-V characteristics of a diode are described by Shockley's equation, which predicts an exponential rise in current with increasing forward voltage and very small reverse saturation current.