A stationary circular conducting loop of radius \(R\) lies in a region containing a spatially uniform magnetic field \(\vec{B}(t)\) directed perpendicular to the plane of the loop. The magnitude of the magnetic field varies with time according to \(B(t) = B_0 e^{-bt}\), where \(B_0\) and \(b\) are positive constants. Which of the following best explains the physical mechanism that produces the induced electromotive force (EMF) in the loop?