Lenz’s Law states than when an induced current flows, its direction is always such that it will oppose the change that produced it. This means that a falling magnet will induce a current in the copper pipe (non-magnetic). This induced current creates a magnetic field opposing the changing magnetic fields of the falling magnet. This results in the magnet being repelled and falling much more slowly than a plain iron ball.
Lenz’s Law is a byproduct of Faraday’s Law of Induction that describes how a magnetic field will interact with an electric circuit to produce an electromotive force. Faraday’s Law is in turn a core component of Maxwell’s Equations that describe electromagnetism.
Source: https://youtu.be/N7tIi71-AjA
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