Optical extinction by homogeneous, pure water droplets of 30 to 70 microm diameter produced by a vibrating orifice aerosol generator has been studied by pulsed cavity ringdown (CRD) spectroscopy at lambda=560 nm under ambient conditions. Experimental sensitivity of better than 1% achieved in measurements of CRD times enabled detection of changes in laser light losses per pass due to changes in the number and size of particles within the laser beam volume. By systematically changing the droplet size in the cavity while recording the CRD time, a periodic modulation in the value of the loss per pass was observed. The modulation is caused by the oscillatory nature of the extinction efficiency, which was subsequently inferred and compared with the results of theoretical calculations based on Mie theory.