A theoretical analysis is given to describe the behavior of an oscillating bubble in a closed measuring cell taking into account the finite liquid compressibility and the cell deformation. The results show that the behavior of a closed liquid cell can differ significantly from that of open cells, For example, under the same conditions two stable meniscus positions can be obtained in a closed cell. In a closed cell a meniscus larger than a hemisphere can be stable even when the gas compartment is open, while in an open cell such a meniscus is always unstable, For closed cells the meniscus can jump between the two equilibrium positions either randomly or under the influence of regular factors, such as external pressure, temperature, and surface tension changes. Relationships are obtained for the description of the pressure response on external harmonic perturbations which make it possible to determine the complex dilatational elasticity as a function of frequency. It is shown that the measured signal can depend on the cell properties, which should be taken into account in the interpretation of experimental data,