Jquery to get SelectedText from dropdown

I am trying to get the selected Text from the dropdownlist using Jquery.

@Html.DropDownList("SelectedCountryId", Model.CountryList, "(Select one Country)")

.Given below is the Jquery that I am using .But this is not working . I tried var selectedText1 = $("#SelectedCountryId").val($(this).find(":selected").text()); and is returning [object object] .But how