INDEX(...)

Category: Lookup and reference

Uses an index to choose a value from a reference or array

INDEX(array, row_num, [column_num])

Category: Lookup and reference

Looks up values in a reference or array

MATCH(lookup_value, lookup_array, [match_type])

Category: Statistical

Returns the minimum value in a list of arguments

MIN(number1, [number2], ...)

Category: Logical

Specifies a logical test to perform

IF(Something is True, then do something, otherwise do something else)

1

The formula calculates the minimum values based on the criteria if it states "yes" and the find the minimum price and then returns the index value. The formula also accounts for the duplicate price values and gives the first lowest price it encounters for a given criteria