Creating Order Form with drop down menu that will populate description and price information?

Yes, this can be done using a script. The basic syntax for it is:

if (event.value=="Product1") {

this.getField("Description").value = "Description of Product1";

this.getField("Price").value = 2.50;

}

You would place this code as the custom Validation script of the drop-down.

Of course, if you have a lot of products and/or a lot of fields to populate, it makes more sense to use a data source (such as a spreadsheet) instead of hard-coding everything. You can achieve that using this (paid-for) tool I've created, that allows you to set it all up very easily, without having to write any code:

https://www.try67.com/tool/acrobat-populate-fields-from-dropdown