Employing a recently developed cluster expansion for the effective dielectric constant of a suspension of spherical inclusions, we show which parts of the cluster integrals give rise to the Clausius-Mossotti formula. The same selection of terms is then used to obtain an approximate expression for the wave-vector-dependent effective dielectric tensor. For a system of hard spheres with only dipole polarizability this expression is evaluated in closed form. This last result is then used to derive the form of the electrostatic potential due to a point charge in the effective medium. For physically reasonable values of the polarizability, the potential has asymptotically the form corresponding to a medium with the Clausius-Mossotti dielectric co...