The phenomenon of dispersion of light refers to the splitting of white light into its component colors when it passes through a medium like a prism. The colors of the spectrum are arranged in order of their decreasing wavelengths, with red having the longest wavelength and violet having the shortest wavelength.

When light enters a denser medium, such as a prism, it slows down and changes its direction. This change in direction is called refraction. It is important to note that the amount of refraction depends on the wavelength of the light.

In the case of dispersion of light, the light wave with the shortest wavelength (violet) is slowed down the most and refracted the most. This is because shorter wavelengths of light experience greater interaction with the medium, causing them to slow down and bend more as they pass through the prism.

Therefore, option 2 - "slowed down and refracted the most" - is the correct answer. The other options (1, 3, and 4) do not accurately describe the phenomenon of dispersion of light.

It is worth mentioning that the speed and direction of light can vary depending on the medium it passes through, but in the context of dispersion of light, the shortest wavelength light is slowed down the most and refracted the most.