Which of the following best describes an oligarchy?

An oligarchy is characterized as a political system where power resides with a small, select group of individuals or families. This small group typically wields significant control over governance and policy-making, often prioritizing their own interests and maintaining their position of power. The essence of an oligarchy lies in its exclusivity and the concentration of power, contrasting sharply with systems that emphasize broader participation, like democracies where elected representatives serve the populace.

The other options do not align with the definition of an oligarchy. A government with elected representatives encapsulates a democratic system, where citizens have a say in governance through their votes. A political structure with wealth distributed equally reflects ideals more akin to communism than oligarchy, as it suggests a level of egalitarianism not present in oligarchical systems, where wealth and influence are typically held by the few. Lastly, a monarchy with limited powers suggests a royal figure with constraints set by laws or a constitution, rather than a small ruling class exercising unchecked authority. Thus, the definition provided in the correct answer effectively captures the core principles of an oligarchy.