The symbol you are referring to is probably damage type. There are 3 types of damage - piercing, slashing and blunt damage.
Quality of the arrows also affects the cost - the better the quality, the higher the cost. Here I'm talking about defective, enhanced, great etc. You can see this in the name of the arrows.
Another thing that has an influence is the material from which the arrows are made - bone, wood, iron etc. Again the better the material, the higher the cost. And it's also part of the name.
Quality and material is said to have an effect on hit chance but I think the difference is very little. I personally haven't done any testing but I'm sure you could find several threads about it on this forum.
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