Final answer:
A homonym with polysemy has multiple meanings. Homonyms are words with the same spelling and pronunciation but different meanings, such as 'bat' for sports equipment and a mammal.
Step-by-step explanation:
When a homonym exhibits polysemy, it means the word has multiple meanings. A good example of a homonym that is polysemous is the word bat, which can refer to a piece of sports equipment used in baseball or a flying mammal. This is distinct from homographs, which are spelled the same but may not sound the same, and homophones, which sound the same but are spelled differently and have different meanings. Understanding the difference between these terms is crucial as it affects the denotation and connotation of words within the English language.