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Yes. The idea behind a Republic is that all matters of state are considered a public matter, and those voted into office are done so by election. An oligarchy isn't a "proper" form of government - it simply states that power rests in the hands of a small, select group. This could be a monarchy, hierarchy, aristocracy, plutocracy, etc. Even a Republic can be a de factooligarchy.

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Q: Is there a difference between republic and oligarchy?
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