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No because the magnetic field induced attracts the falling magnet, creating a force which slows down the magnet. If the magnetic field increased to a certain point where the force acting on the magnet was enough to stop the magnet from falling, gravity would act on the bob, causing the magnet to speed up again until it reaches a happy medium speed (or even a terminal speed if you will). When this happens, a changing magnetic field occurs and an induced current is formed again. This cycle repeats.

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Q: Is it possible for the opposing magnetic field to be strong enough to completely stop an object from falling?
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