The below code snippet explains how to get the selected value of the option from HTML Select dropdown using jQuery
<select id="mySelect">
    <option value="1">Yes</option>
    <option value="2">No</option>
</select>
<input type="button" id="demo" value = "Demo" />
<script type="text/javascript">
    $("#demo").live("click", function () {
        //Get value of the selected option
        var selectedValue = $("#mySelect option:selected").val();
        alert(selectedValue);
    });
</script>