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Default Drop Down Plus Match, I think!

I need to make a reference from the drop down list to match a specific price
in the list...

Eg. Part A = 500
Part B = 600
Part C = 700

Now my drop down list would be the Parts, but I need to ensure that if Part
A is chosen, 500 will automatically be entered in the next cell.

How do I do this?
 
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