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Default Creating a Drop down list then linking another cell.

Can I create a drop down list in a cell? If yes, how do I do that?

Then after I create the drop down list I want it so that when I pick
something from the drop down list the cell beside it will put in a price.

Example:
B1 B2
Reg $112.00

I want it to put the price in for me without me having to type it in.
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Alexa
 
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