Final answer:
The Federal Communications Commission (FCC) option represents the entity that allows political candidates to purchase air time for campaigns but does not provide free television time to political parties. The FCC oversees fair competition and public interest obligations of stations.
Step-by-step explanation:
The option that provides no free television time to political parties and allows candidates to purchase air time is C) Federal Communications Commission (FCC). The FCC is responsible for regulating interstate and international communications by radio, television, wire, satellite, and cable. It does not provide free airtime for political campaigns but oversees the process whereby candidates can purchase air time.
This fits within its broader role of enforcing media ownership limits and ensuring fair competition and public interest obligations are met by stations. While the FCC used to enforce the Fairness Doctrine, which required stations to cover controversial issues in a balanced manner, this policy was eliminated in 1987. Now, equal-time rules require stations to offer equal advertising opportunities to political candidates, ensuring a measure of fairness in broadcast political campaigning, but do not mandate free time for any candidate or party.