The correct answer is 'By using an UPDATE statement to change the item's price where the item ID matches the specific product.' This is because the UPDATE statement is used to modify existing data within a database. It can be targeted to change specific records by using a condition, usually through the WHERE clause, which ensures that only the intended records are updated. 'By using an INSERT statement with the new price' is incorrect because the INSERT statement adds a new record to the database, rather than modifying an existing one. 'By using a SELECT statement with the new price' is incorrect because SELECT is used to retrieve data from the database, not to update it. 'By deleting the item and adding it again with the new price' is not efficient and can lead to data integrity issues, especially if the item has relationships with other data in the database.