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What is a polyarchy?

What is a polyarchy? Here are some definitions.

Noun
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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.
She frames her understanding of the transformations of power from tyranny to polyarchy according to Scheler's law.
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.
Polyarchy was posited as a minimum core of regime, thus, quality of democracy was paired next to polyarchy as the "other".
Polyarchy can be used to differentiate not only between democratic and nondemocratic regimes but also between contemporary Western democracies and earlier direct democracies.
Depending on the values of these three factors, a state is located somewhere on the continuum ranging from anarchy to polyarchy to hierarchy.

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