Monolayers of adsorbed pulmonary surfactant collapse under compression and respread to the interface when the area expands. These mechanisms contribute to the large area hysteresis seen experimentally in a pulsating bubble surfactometer. This paper presents an analytical model which adds monolayer collapse and respreading to the more standard transport processes (diffusion, adsorption, and desorption). The model is robust and can mimic a large range of responses, from that of an insoluble monolayer to the large area hysteresis indicative of collapse and respreading. Our model suggests that multilayer dynamics are necessary to mimic the ultralow surface tensions of pulmonary surfactant.