Assertion: Consider a metallic pipe with an inner radius of 1 cm. If a cylindrical bar magnet of radius 0.8cm is dropped through the pipe, it takes less time to come down than it takes for a similar unmagnified cylindrical iron bar dropped through the metallic pipe.
Reason: Induced magnetic field opposes the external magnetic flux change.

For the magnet, eddy currents are produced in the metallic pipe. These currents will oppose the motion of the magnet. Therefore magnet’s downward acceleration will be less than the acceleration due to gravity g. On the other hand, an unmagnetised iron bar will not produce eddy currents and will fall with an acceleration g. Thus the magnet will take more time.