A three-way diverting valve has _____.

A three-way diverting valve is designed to manage the flow of fluids by directing them from a single inlet to two different outlets or vice versa. This configuration allows it to effectively control the distribution of flow in a system, which is essential in various HVAC applications.

The correct answer indicates that there are two outlets and one common inlet. This setup is typical for applications where the flow needs to be diverted between two paths depending on the system's requirements, such as in heating and cooling processes. The ability to direct flow to one of the two outlets based on temperature, pressure, or other control signals is crucial for maintaining comfort and efficiency in HVAC systems.

In contrast, some other configurations might not serve the same purpose. For example, a single inlet with one or two outlets would not provide the necessary versatility for flow management. Therefore, understanding the functionality of a three-way diverting valve is key to recognizing its application in HVAC systems, emphasizing the importance of the correct configuration described in the response.