Because the numerator and denominator of a conversion factor are equal, multiplying any quantity by a conversion factor is equivalent to multiplying by the number 1 and so does not change the intrinsic value of the quantity
An addition reaction is a reaction type where a molecule combines with another molecule to form one molecule. This is a unique type of reaction since no other product is being formed by this reaction only that one large molecule. An example is the addition of a hydrohalic acid to an alkene to yield a corresponding haloalkane.
A 1 F solution stands 1 formula unit per litre and 0.01 F describes the concentration of solution with no deliberation for the real form of existence of species.
Molarity is defined as the ratio of moles of solute to the volume of solution in litres and it is used to describe formality. For accuracy, it is essential to expressed molarity of each species. In case of acetic acid, the molarity of acetic acid molecules is less than 0.01 M due to dissociation.
Thus, it is more precise to say that the concentration of a solution of acetic acid is 0.01 F instead of 0.01 M.
I believe it would be the first option. It forms iron oxide (rust) when exposed to moisture and air.