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Refraction is the bending of a wave when it enters a medium where its speed is different. The refraction of light when it passes from a fast medium to a slow medium bends the light ray toward the normal to the boundary between the two media.

dispersion is the phenomenon in which the phase velocity of a wave depends on its frequency. Media having this common property may be termed dispersive media. Sometimes the term chromatic dispersion is used for specificity.
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The splitting of white light is called dispersion