A circular coil lies flat on a horizontal surface. A bar magnet is held above the center of the coil with its north pole pointing downward, and is released from rest. What is the direction of the induced current in the coil, as viewed from above, as the magnet approaches the coil in free fall?

a. clockwise
b. counterclockwise
c. There is no induced current in the coil.

As per the Lenz’s law of electromagnetism the current induced in a conductor due to any change has a tendency to oppose the change which is causing this induces current.

Thus, when a constant magnetic field with an electric circuit is varied, it produces and induced current which flow in a direction such that its sets a magnetic field that tries to restore the flux

Hence, option B is correct