Multi-quantity listings and/or Variation listings count as a single listing for billing purposes. In terms of seller limits the quantity is the total number of items/variations which count against you limits.
1 variation listing with 10 variations and a quantity of 2 of each would count as 1 listing for listing fees but count as 20 for listing limits and 20 x Price for listing Dollar limits.
Paranoia strikes deep
Into your life it will creep