Monosaccharides, which are simple sugars, typically contain three to six carbon atoms, with trioses being the smallest. The discussion highlights that compounds with fewer than three carbons, such as glycolaldehyde, exhibit sugar-like properties but do not qualify as monosaccharides due to their empirical formula not aligning with the characteristics of sugars. A compound like HOCCHO, which features a hydroxyl group and an aldehyde, is mentioned as a potential 'diose,' but it is not recognized as a sugar. The conversation also clarifies that glyoxal, a dialdehyde, is distinct from hydroxyaldehydes. The need for a stable cyclic form is suggested as a criterion for classification as a monosaccharide.