Is there a name for the logical fallacy that more expensive goods must be better than less expensive alternatives? Often times people make this assumption without looking at the actual design or quality.
First example: High-octane gas. Some people mistakenly think the more expensive gas is better quality. But really the higher octane's primary purpose is to allow the gas to compress more without exploding, as you need in certain high-compression engines.
Second: Audio/video cables. People (audiophiles) spend a ton of money on Monster cables and other "premium" A/V products. Sometimes there is a notable difference but so often their money is wasted on extra copper or shielding that really has no effect on signal quality.