Broadly, the term 'democracy' implies:

A. a society based on priviledge and hierarchy.

B. a system by the people based on equal opportunity and individual merit.

C. a system based on principle of majority rule.

D. a mean of filling public offices through a competitive struggle for the popular vote.

E. a system of government that serves the interests of the people regardless of their participation in political life.

Choose the correct answer from the options given below: