To find the amount of surplus in the market, we need to compare the quantity demanded and the quantity supplied at a given price.
Given:
- Price: $5
- Quantity demanded: 6
- Quantity supplied: 20
Since the quantity supplied (20) is greater than the quantity demanded (6) at the given price ($5), we have an excess supply or surplus in the market.
To calculate the amount of surplus, we subtract the quantity demanded from the quantity supplied:
Surplus = Quantity supplied - Quantity demanded
Surplus = 20 - 6
Surplus = 14
Therefore, the amount of surplus in the market is 14 units. This means that at the given price of $5, there are 14 extra bananas available in the market that are not being demanded by consumers.