$('#mySelect').val();
Gives the value associated with the selected parameter ( value attribute, if one exists, or text otherwise).
$('#mySelect')[0].selectedIndex;
Gives the index of the selected parameter.
$('#mySelect option:selected');
Gives the selected item an item from which you can grab:
$('#mySelect option:selected').text(); // the text $('#mySelect option:selected').val(); // the value
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