 Solution

Faraday's law isChoose the positive circulation to be anticlockwise as viewed from $+z$. Since ${\Phi }_B=\pi B{r}^2$,

If $\dot{r}>0$, the current is clockwise and its field points in the $-z$ direction, reducing the field inside the loop. Since $d\mathbf{F}=Id\mathbf{l}\times \mathbf{B}$, the force due to the imposed field is radially inward. If $\dot{r}<0$, the current is anticlockwise, its field points in the $+z$ direction and increases the field inside, while the force is radially outward. In both cases the magnetic force opposes the radial motion, in accordance with Lenz's law.