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As a method to realize an orthogonal multicarrier transmission, offset quadrature amplitude modulation based multi-carrier modulation (OQAM-MCM) has been known, where each subcarrier is strictly band-limited by a filter. Objective of this paper is to discuss the use of OQAM-MCM system instead of orthogonal frequency division multiplexing (OFDM) system as a countermeasure against frequency-selective fading. We investigate the performance of OQAM-MCM system with a small number of subcarriers employing a simplified time-domain per-subcarrier equalizer. Computer simulation results show that OQAM-MCM system can achieve both better spectrum efficiency and lower bit error rate (BER) performance than those of OFDM systems with insufficient guard interval (GI), when a time-domain per-subcarrier equalizer is used in both systems.