Oleic acid is a fatty acid consisting of 18 carbon molecules and a single unsaturated (double) bond after carbon 9, as pictured.

A triglyceride consists of three fatty acid chains bound to a glycerol backbone via ester bonds, as shown by the pictured structure.

The reaction described is an esterification in which water is a product—as is characteristic of a condensation reaction—and in which an ester bond is formed to connect the fatty acid chain and the glycerol molecule.

This question is a little bit tricky. At first glance, we would jump to the conclusion that this molecule is a long hydrocarbon chain attached to a carboxylic acid and, therefore, a fatty acid. The premise is correct. However, our conclusion is false because, by convention, a fatty acid must contain a carbon chain of at least 12 carbons. The given formula does not match the description for a steroid or triacylglycerol. The correct answer is none of these.

The primary biological function of a fatty acid is to serve as a medium for the derivation of other important lipids such as waxes, triacylglycerols, phospholipids, and other necessary lipids.

A triacylglycerol is derived from the hydrolysis of glycerols and fatty acids. Triacylglycerols have hydrophobic hydrocarbon tails and hydrophilic heads (amphipathic). The hydrophobic tails dissolve into dirt/grease on the skin while the hydrophilic tails work with running water to suspend and remove the dissolved impurities.

The correct answer is the lipid, wax. Lipids can often be identified based on their structure alone. The general structure of wax is an ester with two long carbon chains on each end of the ester, as seen in this problem. Additionally, fatty acids can be identified simply as long carbon chains with a carboxylic acid on one end, while the general structure of steroids can be seen as four connected hydrocarbon rings.

The molecule's skeletal structure contains two isoprene (2-methylbutyl) units, and therefore the molecule is a monoterpene.

Fatty acids that contain a higher degree of unsaturation (more alkene bonds) will introduce more "kinks" into the hydrocarbon chain. This "kinked" chain does not stack nicely with other fatty acids of its kind and therefore are more likely to slip past each other at lower temperatures. This is primarily due to the van der Waals forces within the unsaturated fatty acids being disrupted with the introduction of double bonds. As a result, unsaturated fatty acids generally have a lower melting point than saturated fatty acids.

This answer, regardless of your preference of projection type, is easiest to obtain using arrow pushing for the cyclization reaction to keep track of each carbon and oxygen:

The purple carbon in the linear projection ends in the circled hemiacetal position.