A recent U.S. Department of Education (2009) meta-analysis concluded that blended learning may be better than either online or traditional lecture-based instruction. However, other research has shown that, for technology-enhanced instruction, learning outcomes are, at best, equal to traditional lecture-based instruction. Blended learning, when evaluating learning outcomes, may be no different than previous technology-supplemented instruction. The purpose of this study was to compare blended and traditional lecture instruction in an undergraduate business course. Ninety four business undergraduate students were randomly assigned to three treatment groups; a traditional lecture-based group, a blended group with one-time access to online curricular materials, and a blended group with unlimited access to online curricular materials. The three groups were given the same curricular materials and teaching method for a supply chain simulation in a required business course. The curricular materials and instruction followed the construct of multimedia learning, including the principles of worked-out examples and guided instruction. The students completed two online supply chain simulations over a period of four and one-half weeks. Eight dependent variables, measuring both lower- and higher-order achievement, demonstrated only minor differences between the three treatments, and the one statistically significant difference was explained by changes in study behavior, not better learning outcomes. In very few cases does technology-enhanced instruction outperform either traditional lecture-based or 100% online instruction when curricular materials, teaching method, and time available for learning are controlled. This study demonstrated that blended learning, like many other educational technologies that preceded it, does not produce positive learning outcomes when compared to traditional lecture-based instruction or 100% online instruction. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]