Veblen Effect
Abnormal market behavior where consumers purchase the higher-priced goods whereas similar low-priced (but not identical) substitutes are available. It is caused either by the belief that higher price means higher quality, or by the desire for conspicuous consumption (to be seen as buying an expensive, prestige item). Named after its discoverer, the US social-critic Thorstein Bunde Veblen (1857-1929).
https://www.monash.edu/business/marketing/marketing-dictionary/v/veblen-effect
One example I've seen given to showcase this is college tuition. Colleges found that if they decrease tuition enrollment goes down and goes up when they increase it.
Another example is Campagnolo, a well-known bicycle parts brand. Rather than price according to a formula, they price according to what the market will bear.