I. Two orbitals interacting in a σ fashion will always produce a greater overlap (and thus a greater energy change) than those same two orbitals overlapping in a π arrangement. This statement is TRUE.
II. Each individual atom will contribute 3 p-orbitals to the molecular bond; one set of p-orbitals will interact end-to-end (a σ-bond), but the remaining 2 sets of p-orbitals will both interact in a side-on arrangement (a π bond). Therefore, this statement is FALSE, as there must be two π2p molecular orbitals.
III. The bonding molecular orbitals will always be lower in energy than the atomic orbitals that make them thanks to the constructive interference between the two wavefunctions (also, keep in mind that bond formation is always an exothermic process). Thus, this statement is TRUE.
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