Bulk modulus measures the compressibility of a material. Materials with high bulk modulus like diamond have low compressibility, while gases have low bulk modulus and high compressibility. Bulk modulus helps determine the speed of sound in a medium, with higher bulk modulus corresponding to higher sound speed. This relationship allows bats and whales to use echolocation - emitting sounds and interpreting echoes - to navigate and find prey over varying distances depending on the bulk modulus of the medium (air vs. water).