The stability of a spherical bubble in a two-component two-phase system is examined by employing the thermodynamic theory of dilute solutions. It is shown that a bubble can remain in a state of stable equilibrium provided that the ratio of the total number of moles of the solute to the total number of moles of the solvent in the system is not extremely small and that the system pressure falls between an upper bound (dissolution limit) and a lower bound (cavitation limit). The results of the analysis provide a theoretical basis for the persistence of microbubbles in a saturated liquid-gas solution. Thus to a certain extent, the results also help to resolve the dilemma that exists in the field of cavitation due to (1) the necessity of postulating the existence of microbubbles; and (2) the lack of theoretical justification for the persistence of such bubbles in a liquid.

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