Which psychological pricing phenomenon explains why consumers often associate higher prices with better quality, even when there is no objective difference in the product?

In the world of consumer psychology and brand strategy, companies carefully craft pricing strategies that tap into our perception of value. One fascinating psychological pricing phenomenon has been consistently shown to increase perceived quality and desirability of products across multiple markets. Test your knowledge about this powerful pricing strategy that continues to shape how premium brands position themselves in competitive markets.

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Price-quality heuristic (or the price-quality effect)
Veblen effect
Anchoring bias
BOGOF (Buy One Get One Free) principle