Say you have a strong electromagnet that you can switch on and off and you put these three types of materials near it. All three will become magnetized, meaning each will start producing their own magnetic field. The paramagnetic and ferromagnetic material will produce a field that is aligned with the external magnetic field, and the diamagnetic will produce a (typically very weak) feild that is in the opposite direction. Now turn the electromagnet off. The ferromagnetic material will continue to be magnetized, while the paramagnetic and diamagnetic material will revert back to being non-magnetic and their self produced field will collapse as soon as the magnet is turned off.
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