Momentum is conserved in the interaction between a person and a trampoline due to Newton's third law, where equal and opposite forces are applied. However, while momentum conservation applies to the system, the person eventually stops bouncing because of energy losses, such as friction and the conversion of kinetic energy to heat. The trampoline, connected to the Earth, also experiences a reaction, but its movement is negligible due to its mass. It's important to distinguish between momentum conservation and energy conservation, as they are governed by different principles. Overall, momentum is conserved in a closed system, but energy losses can affect the motion of the person on the trampoline.