Discuss whether the Loisels chose the right course of action when they found the necklace was missing? What other choices were open to them and why were these not chosen?

I think they tried to do the honorable thing but it was miss-informed. They worked hard to replace the necklace but they were not truthful with Madame Forestier that they lost it in the first place. They might have saved themselves heartache and years of toil had they known the necklace was a fake. Ironically, became more content and self-aware after working to replace the necklace.