The power that is held by a small, elite group is known as:Group of answer choicesDictatorshipPower elitedictatorshipOligarchy

The power that is held by a small, elite group is typically referred to as Oligarchy. This term comes from the Greek words "oligos," meaning few, and "arkhein," meaning to rule or command. An oligarchy describes a system where a small number of people have significant control over the government or organization, often making decisions that influence the wider population without needing broad consent.

In contrast, a dictatorship usually refers to a single individual holding absolute power, while "power elite" is a term used to describe a social class that is composed of a small group of powerful people. However, the term that precisely defines a governmental system led by a small elite is Oligarchy.

Thus, the correct answer from the choices provided is Oligarchy.