Final answer:
The form of government ruled by a few select individuals, often with military or economic power, is an oligarchy. This contrasts with a monarchy which typically involves hereditary rule, and a democracy where power lies with the populace.
Step-by-step explanation:
An oligarchy is ruled by only a few select people like strong military leaders. The correct answer to the question is B) Oligarchy. In an oligarchic government, power is not inherited like in a monarchy but is held by a small, elite group whose authority may come from military might, economic power, or other such circumstances. This is distinct from an autocracy, where a single person holds complete power, or a democracy, where the power resides with the people. Thus, the form of government in which a small group of elite people hold political power is known as an oligarchy.