Answer: The correct answer is -
B.The process by which new species are formed.
Speciation can be described as the process of formation of new species (that are distinct from old species) during the course of evolution of old species.
In other words, when one species gives rise to two or more different species during the course of its evolution, it is termed as speciation.
For example - 13 distinct species of Galapagos finches (bird species), which were formed from single ancestral species due to allopatric speciation (geographical isolation that occured by ocean).
Thus, option B) is the right answer.