Hi Bryan,
Total price by Quantity allows customers to see total amount based on quantity selected, so instead of showing standard price of 1 item, it will get updated when users change quantity.
You can define label for each product if needed, but in most cases that’s not necessary, defaults should be fine.
If you’re looking to enable different prices based on quantities, then you will need to look for plugins that support tiered pricing or dynamic pricing (like this one), since this plugin is only about quantity and not prices.
Omar