Step 1: Recall the relationship between Gibbs free energy and equilibrium constant.
In chemical thermodynamics, the standard Gibbs free energy change \(\Delta G^\circ\) is related to the equilibrium constant \(K\) by the equation:
\[
\Delta G^\circ = -RT \ln K
\]
where,
\[
R = \text{Universal gas constant}
\]
\[
T = \text{Absolute temperature in Kelvin}
\]
\[
K = \text{Equilibrium constant}
\]
This equation is one of the most important thermodynamic relations for chemical equilibrium.
Step 2: Understand the meaning of the equation.
The equation shows the connection between spontaneity and equilibrium.
If:
\[
K\gt 1
\]
then:
\[
\ln K \gt 0
\]
and therefore:
\[
\Delta G^\circ \lt 0
\]
which indicates a spontaneous forward reaction.
If:
\[
K\lt 1
\]
then:
\[
\ln K \lt 0
\]
and thus:
\[
\Delta G^\circ \gt 0
\]
which indicates the reaction is non-spontaneous in the forward direction.
Step 3: Analyze each option carefully.
\[
\textbf{Option (1): } \Delta G=-RT\ln K
\]
This is incorrect because the correct relation involves standard Gibbs free energy change \(\Delta G^\circ\), not \(\Delta G\).
\[
\textbf{Option (2): } \Delta G=\dfrac{1}{RT^2\ln K}
\]
This expression is dimensionally incorrect and does not represent any standard thermodynamic relation.
\[
\textbf{Option (3): } \Delta G^\circ=-RT\ln K
\]
This is the correct thermodynamic equation relating equilibrium constant and standard Gibbs free energy change.
\[
\textbf{Option (4): } \Delta G^\circ=-\dfrac{1}{RT^2\ln K}
\]
This expression is also incorrect and has no thermodynamic significance.
Step 4: Select the correct option.
Hence, the correct expression is:
\[
\Delta G^\circ = -RT\ln K
\]
which corresponds to option (3).
Step 5: Final conclusion.
Therefore, the correct answer is:
\[
\boxed{\Delta G^\circ = -RT\ln K}
\]