jquery code to get selected option text from dropdown

 

On select option from the dropdown list. I want to get the option text instead of the value of the selected option.
Example:- 
<option value="1">Option 1</option>
I want to get Option 1 as output instead of 1


Answer
 

$("#myselect : selected").text();
Note: myselect is the id of the form element of which I want to get output