Very simple. Use clickto bind an event handler to an event clickand valto set a value:
$("#change").click(function() {
$("#frameSelection").val("Option 2");
});
As mentioned in other answers, you can disable the default link behavior, but with your code, because at the moment it is in the question (without an attribute hrefin the element a) that is not needed. Keep this in mind if this can change.
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