Q. The magnitude of the induced emf in a circuit is equal to the time rate of change of magnetic flux through the circuit, is statement of

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Solution:

The magnitude of the induced emf in a circuit is equal to the time rate of change of magnetic flux through the circuit. Mathematically, the induced emf is given by

The negative sign indicates the direction of and hence the direction of current in a closed loop.
This is statement of Faraday's law of electromagnetic induction. Fleming's rules, Newton's third law deal with forces and their directions.