Final answer:
The correct answer is option B. an oligarchy.
Step-by-step explanation:
The ruling power in the hands of a few people is known as an oligarchy. This form of government is characterized by the concentration of political power among a small, elite segment of society. This elite group may consist of individuals distinguished by wealth, family ties, military control, or religious influence.
Unlike in a monarchy, where a single ruler typically inherits power through hereditary succession, an oligarchic government does not have one clear ruler but several powerful individuals or families.