Final answer:
Considering the equation: Fe → Fe³⁺ + 3 e⁻, 3) Iron loses electrons and is oxidized.
Step-by-step explanation:
The question asks about the process that iron undergoes in a given reaction: Fe → Fe³⁺ + 3 e⁻. In this reaction, iron starts with a neutral charge and ends up with a +3 charge. This transformation is due to the loss of three electrons, which is characterized as oxidation.
Therefore, the correct answer to the question is that iron loses electrons and is oxidized. This process increases the oxidation number of iron from 0 in the elemental state to +3 in the oxidized state of iron ions (Fe³⁺).
Hence, the correct answer is Option 3.