ter of the leaning tower of Pisa reads Mediocrity It takes a

ter of the leaning tower of Pisa reads: \"Mediocrity: It takes a lot less time mo le won\'t notice the difference until it\'s too late.\" Explain in terms of the principle of substitution.

Solution

The principle of substitution investigates the choices made by consumers. Nobody is willing to pay more for a particular commodity than the price of its alternative that has same design same, composition and gives equal utility. This is the basic rule followed under the principle of substitution.
This can be related to the theory of mediocrity where unless there is something unique about a particular product it is considered mediocre. In this sense mediocrity can be linked with principal of substitution. When things are mediocre people can use the principle of substitution. This is the reason why mediocre commodities have similar prices. It is given that it takes a lot less time and most people do not notice the difference. This is true because when principal of substitution is applicable among a group of commodities, differences cannot be easily find out because products have same design and have same content. It also implies that people do not take much time in comparing mediocre goods.