Step 1: Recall the definition of powder factor.
Powder factor is a measure of blasting efficiency and is defined as the amount of rock broken for a given quantity of explosive.
Step 2: Write the expression.
\[
\boxed{
\text{Powder Factor}
=
\frac{\text{Volume (or mass) of rock broken}}
{\text{Quantity of explosive used}}
}
\]
Thus, it represents the
\[
\boxed{\text{Volume of rock broken per unit explosive}.}
\]
Therefore,
\[
\boxed{(B)}
\]
is the correct answer.