Also called price anchoring [0] in marketing.
there are two great books I recommend for those interested: predictably irrational [1] and the upside of irrationality [2]. personally, I think the first is better than the second as a layman's introduction to it.
[0] https://en.wikipedia.org/wiki/Behavioral_economics
[1] https://www.amazon.com/Predictably-Irrational-Revised-Expand...
[2] https://www.amazon.com/Upside-Irrationality-Unexpected-Benef...