Final answer:
Iron readily combines with atmospheric oxygen at room temperature to form rust, which is a hydrated form of iron (III) oxide (Fe2O3).
Step-by-step explanation:
The process of rust formation on iron, known as corrosion, begins with iron-oxidizing to iron (II) ions in the presence of oxygen. This initial reaction happens at an anodic site, which is often a lattice defect or impurity on the iron's surface. The iron (II) ions then further oxidize, reacting with water and atmospheric oxygen to produce a hydrated form of iron (III) oxide (Fe2O3), the compound commonly referred to as rust. Thus, the correct statement is that at room temperature, iron combines readily with atmospheric oxygen to form Fe2O3.