We present the electron energy loss spectra for Ar clusters as a function of incident electron energy and of cluster size. In spectra measured with 100 eV incident electron energy the bulk excitation peak becomes visible for a mean cluster size above 170 atoms per cluster. For 250 eV incident electron energy the bulk excitation peak is clearly observable even for a mean cluster size of 120 atoms per cluster. These experimental results are qualitatively reproduced by a simple calculation that accounts for the mean free path of electrons in Ar clusters; i.e., the penetration depth of incident electrons into the cluster. (C) 2009 Elsevier B.V. All rights reserved.