In this paper, we compare three different models that have been used to interpret reflectivity measurements of supported monolayers of nanoparticles. Two of them: (i) isotropic Maxwell Garnett and (ii) anisotropic two-dimensional-dipolar model are based on an effective-medium approach, while the third one (iii) coherent-scattering model, lies within the framework of multiple-scattering theory. First, we briefly review, on physical grounds, the foundations of each model and write down the corresponding formulas for the calculation of the reflectivity. In the two-dimensional-dipolar model, the dilute limit of the pair-correlation function (also called hole-correlation function) is always used in the calculation of the effective optical response. Then we use these formulas to plot and analyze graphs of the reflectivity of a monolayer of gold nanoparticles on a glass substrate, as a function of several relevant parameters, for two different commonly used experimental configurations. Finally, we discuss the importance of our results and how they can be used to infer the limits of validity of each model.