Which of the following best reflects the concept of elastic demand?

The concept of elastic demand is characterized by a significant change in quantity demanded in response to a change in price. When demand is elastic, it means consumers are very responsive to price changes; a small decrease in price will lead to a large increase in the quantity demanded, and conversely, a small increase in price will lead to a substantial decrease in the quantity demanded. This responsiveness often occurs in markets for goods and services that have many close substitutes or are considered non-essential, making consumers more sensitive to price fluctuations.

The other options illustrate different demand behaviors. For instance, if quantity demanded remains constant with price changes, that indicates perfectly inelastic demand. Slight changes in quantity demanded in response to price alterations suggest inelastic demand as well. Lastly, stating that demand remains inelastic regardless of price generally reinforces the concept of inelasticity, which is not aligned with the definition of elastic demand. Therefore, the first choice accurately captures the essence of elastic demand within the context of microeconomic principles.