Four contestants representing four different countries advance to the

Tough and Tricky questions: Combinations.

Four contestants representing four different countries advance to the finals of a fencing championship. Assuming all competitors have an equal chance of winning, how many possibilities are there with respect to how a first-place and second-place medal can be awarded?

A) 6
B) 7
C) 12
D) 16
E) 24

Kudos for a correct solution.

Source: Chili Hot GMAT