The correct answer to this open question is the following.
In a political system where nearly every adult may vote but where knowledge, wealth, social position, access to government officials, and other resources are unequally distributed, who actually governs?
This is the beginning of the book "The New Gilded Age: From Uniqual Democracy, written by Larry M. Bartles."
That question is posed by Robert Dahl, a scholar, and political writer.
The answer would be that in a scenario like the one described in the question, it is the political and economic power that governs in reality.
It is the men of money, the businessmen, the corporation, the political influencers through political action committees. Yes, the big money corporations that hire lobbyists to negotiate with congressmen to pass laws that favor their interests.