When lithium nitrate ($LiNO_3$) is heated, it undergoes thermal decomposition. Let's analyze the products of this decomposition and see which of the listed compounds are formed.
Upon heating $LiNO_3$, the reaction is as follows:
$4LiNO_3 \rightarrow 2Li_2O + 4NO_2 + O_2$
This reaction shows the formation of the following products:
- $Li_2O$: Lithium oxide is formed as a solid residue.
- $NO_2$: Nitrogen dioxide is released as a gas.
- $O_2$: Oxygen gas is also released.
Now, let's compare this with the given list of possible products: $Li_2O, N_2, O_2, LiNO_2, NO_2$.
We can see that the compounds formed are $Li_2O$, $NO_2$, and $O_2$.
- $Li_2O$ is a correct product.
- $NO_2$ is a correct product.
- $O_2$ is a correct product.
- $LiNO_2$ is not formed in the decomposition of $LiNO_3$.
- $N_2$ is not formed in this decomposition reaction.
This indicates that 3 compounds from the provided list are actually formed in the thermal decomposition of $LiNO_3$: $Li_2O$, $NO_2$, and $O_2$.
Finally, our computed value (3 compounds) is within the given range, confirming the solution's accuracy.