The phrase "state in which the few govern the many" describes a system of government run by a small group rather than one person or the people as a whole. Let's examine each form of government named in the options:
Monarchy and autocracy both describe rule by one person, and plutocracy narrows the "few" down to specifically the rich, leaving oligarchy as the general term for rule by a small group.
Therefore, the correct answer is Oligarchy.