Which physical phenomenon is illustrated by the fact that the prism has different refractive indices for different colors

The incoming white light is composed of light of different colors,

Since these different colors have different refractive indices they are refracted at different angles from one another.

The output light is then separated by color creating a color spectrum.

Since n is greater for shorter wavelengths  (violet colors) these wavelengths are refracted thru the larger angles.

when two balls of the different masses are dropped from equal height, they reach the ground at the same time .this is because they experience the same acceleration.

the acceleration is independent of mass.

thus when they are dropped they will always maintain the same velocity and travel the same distance (neglect air resistance of course) at the same time.