You can handle it all within the same function as following
<select className="form-control mb-3" onChange={(e) => this.setState({productPrice: e.target.value})}>_x000D_
_x000D_
<option value="5">5 dollars</option>_x000D_
<option value="10">10 dollars</option>_x000D_
_x000D_
</select>
_x000D_
as you can see when the user select one option it will set a state and get the value of the selected event without furder coding require!