To do Alt + L P on Mac in Excel, download and install Accelerator Keys, then press Option, followed by L, P.
Command: Option Button (Form Control)
This is how to do Alt + L P on Mac in Excel with Accelerator Keys, the native ribbon and alt key shortcut solution for Mac users who get more done with Excel.
Alt + L p inserts an Option Button (radio button) form control. Option buttons are used when users need to select exactly one option from a group of mutually exclusive choices. Place multiple option buttons inside a Group Box to create a selection group.