Concept:
The equilibrium constant in terms of concentration, denoted by \(K_c\), is defined as the ratio of the product of molar concentrations of products to the product of molar concentrations of reactants, each raised to the power of their stoichiometric coefficients.
For a general reaction
\[
aA+bB \rightleftharpoons cC+dD
\]
the equilibrium constant is
\[
K_c=\frac{[C]^c[D]^d}{[A]^a[B]^b}
\]
The value of \(K_c\) indicates the extent to which reactants are converted into products at equilibrium.
Step 1: Write the equilibrium constant expression.
For the reaction
\[
N_2+O_2 \rightleftharpoons 2NO
\]
the equilibrium constant expression is
\[
K_c=\frac{[NO]^2}{[N_2][O_2]}
\]
Step 2: Substitute the equilibrium concentrations.
Given:
\[
[N_2]=0.5\,M
\]
\[
[O_2]=0.7\,M
\]
\[
[NO]=0.4\,M
\]
Substituting:
\[
K_c=\frac{(0.4)^2}{(0.5)(0.7)}
\]
\[
K_c=\frac{0.16}{0.35}
\]
Step 3: Perform the calculation.
\[
K_c=0.457
\]
\[
K_c \approx 0.46
\]
Among the given options, the closest value is
\[
\boxed{0.48}
\]
Hence, the correct option is
\[
\boxed{(2)}
\]