Step 1: Understanding the Question:
As the ring falls towards the horizontal conductor, the magnetic field it experiences changes. This induces an electromotive force and current according to Faraday's Law and Lenz's Law.
Step 2: Key Formula or Approach:
1. Right Hand Thumb Rule: Determine direction of \( B \) from the wire.
2. Lenz's Law: Induced current opposes the change in magnetic flux.
Step 3: Detailed Explanation:
Based on the image, the current in the long straight conductor is flowing to the right.
Using the Right Hand Thumb Rule, the magnetic field \( B \) above the wire points out of the page (\( \odot \)).
As the ring falls vertically downwards (towards the wire), the distance between the ring and the wire decreases.
Since \( B \propto 1/r \), the magnitude of the magnetic field out of the page increases.
According to Lenz's Law, the induced current must create a magnetic field that opposes this increase. Thus, it must create a field into the page (\( \otimes \)).
By the Right Hand Grip Rule, a current that creates a field into the page must flow clockwise.
Step 4: Final Answer:
The induced current in the coil is clockwise.