Step 1: Concept
Myoglobin and Hemoglobin are both oxygen-binding proteins but serve different roles (storage vs. transport).
Step 2: Analysis
Both contain heme and bind oxygen. However, myoglobin is a monomer (smaller size), while hemoglobin is a tetramer.
Step 3: Reasoning
Due to its multi-subunit structure, hemoglobin exhibits allostery (cooperative binding), which myoglobin, being a single subunit, cannot do.
Step 4: Conclusion
The primary distinctions are their molecular size and the presence of allosteric regulation in hemoglobin.
Final Answer: (C)