A wizard can dispel as many spells cast within his dispel range (18" for wizards of levels 1 and 2, 24" for wizards of levels 3-4) as he'd like to. However, you (the dispelling player) may only attempt to dispel an individual casting of a spell once. So, a level 3 wizard could dispel any number of spells cast by an enemy wizard within 24" with a +3 dispel bonus, but you could only make your wizard (or any number of wizards, for that matter) attempt to dispel each spell once. This is explained on page 110 of the core rulebook.
This is why a lot of "meta" lists are only bringing one level 4 wizard. Bringing additional weaker wizards doesn't actually help you secure a more powerful magic phase like it used to in previous editions - though I suppose the magic phase doesn't exist anymore! This is why, despite magic being incredibly strong in this edition, people aren't running multi-wizard armies. But this isn't the place to complain about the "meta", so I won't go in to that any further.
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