Which government structure is an oligarchy?

An oligarchy is defined as a form of government where power is concentrated in a small group of individuals or entities, often characterized by wealth, social status, military power, or a combination of these factors. In an oligarchy, this select group holds significant authority and makes decisions that affect the larger population, often to the benefit of their own interests, which may not necessarily align with those of the general populace.

This contrasts with systems like a democracy governed by elected representatives, where power is derived from the electorate and widely distributed among the populace. It also differs from a system ruled by the majority, where decisions are made based on the preferences of the largest segment of the population, as well as from a political system that emphasizes equal power distribution, which aims to share authority broadly among all members of society.

In essence, the defining characteristic of an oligarchy is the concentration of power within a limited number of individuals, making the second option the correct representation of this type of government structure.