After nearly two decades working for the University of Chicago's executive MBA program, associate dean Patty Keegan thought she had heard just about every question a prospective student could ask, Chicago Business reports.

Last month, however, she heard a new one: Why should I pay you for this program when I can just cobble together my own with MOOCs?

If that term hasn't blipped on your acronym radar yet, here are the basics: MOOC stands for massive open online course. And it is shaking up the education business.

MOOCs allow anyone to sign up. There are no limits on the number of participants...

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