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What is a polyarchy?

What is a polyarchy? Here are some definitions.

Noun
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Examples
Polyarchy can be used to differentiate not only between democratic and nondemocratic regimes but also between contemporary Western democracies and earlier direct democracies.
The rule of the majority is a polyarchy, even though it departs from the ancient Greek understanding of democracy, and is aimed at assessing existing democracies.
She frames her understanding of the transformations of power from tyranny to polyarchy according to Scheler's law.
Polyarchy was posited as a minimum core of regime, thus, quality of democracy was paired next to polyarchy as the "other".
Polyarchy is a system in which a small group of elites actually rules a country, and the majority can choose only to accept or refuse their leadership.
Critics charge that polyarchy is a system in which a small group actually rules and mass participation in decision-making is confined to leadership choice in elections.

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