How does Monopolistic Competition differ from Oligopolistic Competition?

Answer:
"Monopolistic Competition" is, unless I'm missing something, an oxymoron. "Monopoly" implies "no competitors," so who, precisely, is the monopoly supposed to be competing with?

In an oligopoly, there are a few competitors, so there actually could be some competition; however, the term is generally used in a trust situation where the "competitors" more or less agree not to actually compete.
First answer by Ptorquemada. Last edit by Ptorquemada. Contributor trust: 551 [recommend contributor recommended]. Question popularity: 28 [recommend question].