When a negatively charged balloon is brought close to a positively charged piece of wool, the two will experience an electrostatic force due to their opposite charges.
Since like charges repel and opposite charges attract, the negatively charged balloon will be attracted to the positively charged wool. As they get closer together, the magnitude of the electrostatic force will increase.
Therefore, the correct response is:
The magnitude of the electrostatic force between the balloon and the wool will increase, and they will attract each other.