Hi,
No, you need to create two characteristics, size and type. For each, you enter all the possible values.
Then, you can add both characteristics to your products and variants of the products will be generated automatically based on the possible values.
Then, you can click on the "manage variants" button and edit each variant to set its price.
If you have lots of products with the same characteristics, the best is to do it once and then use the copy button on the products listing (business edition only) to duplicate the product and then just change the name/description.