Answer
The correct answer is: (b) clockwise (CW)
Work Step by Step
When the current in the long wire is flowing, it creates a magnetic field through the loop that is directed into the page. When the current in the long wire is decreasing, the magnetic field into the page is reduced.
By Lenz's Law, the induced current in the conducting loop will produce a magnetic field which opposes the change, that is, it will produce a magnetic field into the page.
By the right hand rule, the induced current must flow clockwise around the conducting loop in order to produce a magnetic field into the page.
The correct answer is: (b) clockwise (CW)
