Which governance style can be described as rule by a small elite?

The correct answer is oligarchy because this term specifically refers to a form of governance in which power rests with a small, elite group of individuals. This group might be distinguished by royalty, wealth, family ties, corporate interests, or military control. Oligarchies can exist within various political frameworks, allowing a select few to hold significant influence over the decisions and policies that affect the wider population.

The other governance styles listed have different characteristics. Plutocracy implies rule specifically by the wealthy, which is a form of oligarchy but not a comprehensive term encapsulating other elite forms. Monarchy typically involves the rule of a single individual or family, often hereditary, rather than a small group. Democracy, contrastingly, is characterized by the participation of the general populace in decision-making processes, thereby opposing the idea of rule by an elite class. Thus, oligarchy accurately describes the situation of governance by a small elite.