When the magnet is allowed to fail vertically along the axis of loop with its north pole towards the coil. The upper face of the coil will become north pole in an attempt to oppose the approaching north pole of the magnet. Therefore. the acceleration in the magnet is less than $g$.
Electromagnetic Induction is a current produced by the voltage production due to a changing magnetic field. This happens in one of the two conditions:-
When we place the conductor in a changing magnetic field.
When the conductor constantly moves in a stationary field.