Often effective medium theories assume that there are multiple scatterers per wavelength; however, practical limits for these models can be far more flexible. Commander and Prosperetti's model for sound propagation in bubbly liquids assumes that “an averaging volume must contain many bubbles” but does not explicitly assume that there must be many bubbles per wavelength, though that assumption might be considered implicit in the use of effective medium theory. The results of Foldy's exact multiple scattering theory are compared to the effective medium theory for very low scatterer densities in order to determine the low scatterer limit for which the effective medium theory holds. This is compared with experimental results with low scatterer densities. It is shown that effective medium models for bubbly liquids hold even when there are as little as one scatterer per wavelength. [This work was supported by the Office of Naval Research.]