The present analysis shows that the introduction of intrinsic two-dimensional compressibility of a surfactant adsorption layer allows a much better interpretation of experimental data on the limiting (high-frequency) elasticity and characteristic frequency of diffusional relaxation than models using Frumkin's or other adsorption isotherms. The proposed model describes experimental data on surface dilational elasticity, as well as on surface pressure, sufficiently well at low and high surfactant concentrations, assuming the Lucassen and van den Tempel model of surface dilational elasticity is realized.