The Correct answer is 8 elements.

The power set of a set is the set of all possible subsets of that set, including the empty set and the set itself.
For the set {1, 2, 3}, the elements are {1}, {2}, {3}, {1, 2}, {1, 3}, {2, 3}, and {1, 2, 3}. Additionally, the empty set {} is also an element of the power set.

Therefore, the power set of {1, 2, 3} has a total of 8 elements: {1}, {2}, {3}, {1, 2}, {1, 3}, {2, 3}, {1, 2, 3}, {}.