Step 1: Understanding the Concept:
Lenz's Law states that an induced current always flows in a direction that opposes the change in magnetic flux that produced it.
Step 2: Detailed Explanation:
1. As the magnet approaches the ring, flux through the ring increases. The induced current creates a field that repels the incoming magnet.
2. As the magnet passes through the center and starts leaving, flux decreases. The induced current creates a field that attracts the magnet back towards the ring.
In both cases, there is an upward magnetic force acting on the magnet. This force opposes the downward force of gravity.
Net acceleration $a = \frac{mg - F_{magnetic}}{m} = g - \frac{F_{magnetic}}{m}$.
Thus, $a<g$ always.
Step 3: Final Answer:
The acceleration is less than acceleration due to gravity.