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You can hang the magnet up on a string, so that it can rotate freely. In that case, it should align with the Earth's magnetic field.
A suspended magnet is usually a magnet suspended by a thin thread and allowed to rotate and swing freely. This will align itself to the Earth's magnetic field providing there is no other magnetic or electromagnetic influnence.
If you suspend the magnet in a way that it can rotate freely (for example, hang it from a thread), one of its ends will point north. If you know which end that is (you may want to mark it), west is 90 degrees to the left of north.
Yes, a bar magnet can exert a torque on itself due to its own magnetic field. This torque can cause the magnet to align itself in a specific orientation, depending on the interaction between its north and south poles. If the magnet is not free to rotate, this torque can manifest itself as a force causing the magnet to move.
The north pole of a magnet can help when you are lost because it can act as a compass. When suspended freely or allowed to rotate, the north pole of a magnet will align itself with the Earth's magnetic field, which points towards the North Pole. By observing the direction in which the north pole of a magnet points, you can determine which way is north and navigate your way.