What auction price is determined in the following order book?

In this context, the auction price is determined by the highest bid price that matches the available ask prices in the order book. The given entries in the order book indicate the rate and the volume of buy and sell orders.

The choice that indicates an auction price of 7 at 12.499 signifies that there are 7 contracts available at that price point, which is critical in understanding market dynamics and determining the clearing price in an auction scenario. This price reflects a point where buyers are willing to purchase and sellers are willing to sell, creating a match.

Additionally, the other choices may indicate different volumes or prices, but they do not align with the maximum tradable volume at a specific price mentioned, which would provide clearer liquidity in this example. Therefore, the selected answer truly represents the valid execution price and volume available for trade in this scenario.