"Whenever magnetic flux linked with a closed coil changes, an induced emf is setup in the coil and lasts as long as the change in magnetic flux continues." This is:
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Faraday’s First Law = Emf is induced when magnetic flux changes. Second Law gives the magnitude: \( \text{emf} = -\dfrac{d\Phi}{dt} \).
Faraday's First Law states that an emf is induced in a circuit whenever the magnetic flux linked with it changes.
The emf persists only while the flux is changing.