It's a chemical change because it's changing the object's property.
Answer:
C + O2 → CO2
Explanation:
C + O2 → CO ----------------- (1)
from equ (1) on reactant side, C has 1 mole, O has 2 moles
from equ (1) on product side, C has 1 mole, O has 1 mole
Thus, to balance the equation, O should have 2 moles
C + O2 → CO2
Because the formation of rust is a kind of chemistry reaction.
After chemistry reaction, compound with new properties is produced.
Of course, color is one of the new properties.
For example, if you put iron in colorless acid solution, a green solution is made.
This kind of chemisty reaction differs from physical reaction, for example, pigment with one color dissolves in liquid, a liquid with same color is made.