SO - 19632096

HTML

<select id="prd_id"></select>

JavaScript

//console.log(data)
var data = [{"Id":1,"IsActive":false,"Category":null,"Productname":"1|1","Price":0},
{"Id":2,"IsActive":false,"Category":null,"Productname":"2|2","Price":0},
{"Id":3,"IsActive":false,"Category":null,"Productname":"3|3","Price":0}];

$("#prd_id").empty().append($("<option/>").val("[-]").html("Please select"));
$.each(data, function (key, value) {
    $("#prd_id").append($("<option/>").val(value.Id).html(value.Productname));
});