"A bar magnet is moved towards a freely hanging coil. Determine if the coil stays stationary or not. If it moves, determine if it moves away or towards the magnet."
My hypothesis: From Lenz's law an e.m.f will be induced in the coil to oppose the change in magnetic flux due to the relative approach of the bar magnet. The resultant current in the coil produces a force on the coil equal to the Lorentz force due to the approach of the bar magnet, and in the opposite direction. As such, the forces should cancel out, causing the magnet to remain stationary.
I suspect that there are some flaws in my hypothesis. Are my deductions correct, and is there a better explanation? (note: I'm not sure if the coil will move or not)