let orderButton = document.getElementById("order");
let itemList = document.getElementById("foods");
let outputBox = document.getElementById("output");

orderButton.addEventListener("click", function() {
  let collection = itemList.selectedOptions; // <-- used here
  let output = "";

  for (let i=0; i<collection.length; i++) {
    if (output === "") {
      output = "Your order for the following items has been placed: ";
    }
    output += collection[i].label;

    if (i === (collection.length - 2) && (collection.length < 3)) {
      output +=  " and ";
    } else if (i < (collection.length - 2)) {
      output += ", ";
    } else if (i === (collection.length - 2)) {
      output += ", and ";
    }
  }

  if (output === "") {
    output = "You didn't order anything!";
  }

  outputBox.innerHTML = output;
}, false);

<label for="foods">What do you want to eat?</label><br>
<select id="foods" name="foods" size="7" multiple>
  <option value="1">Burrito</option>
  <option value="2">Cheeseburger</option>
  <option value="3">Double Bacon Burger Supreme</option>
  <option value="4">Pepperoni Pizza</option>
  <option value="5">Taco</option>
</select>
<br>
<button name="order" id="order">
  Order Now
</button>
<p id="output">
</p>