Final answer:
The reaction taking place is the formation of magnesium oxide (MgO) when magnesium ribbon reacts with oxygen in the air. The mass of the magnesium ribbon is less than the mass of the residue because the oxygen in the air must be included as a reactant and has mass.
Step-by-step explanation:
The reaction taking place when magnesium ribbon reacts with oxygen in the air is the formation of magnesium oxide (MgO). The mass of the magnesium ribbon is less than the mass of the residue because the oxygen in the air must be included as a reactant and has mass. When magnesium reacts with oxygen, the magnesium atoms lose electrons and are oxidized, while the oxygen atoms gain electrons and are reduced. The resulting product, magnesium oxide, is a crumbly white powder.