In single-bubble sonoluminescence, repeated brief flashes of light are produced in a gas bubble strongly driven by a periodic acoustic field. A startling hypothesis has been made by Lohse and co-workers [Phys. Rev. Lett. 78, 1359 (1997)] that the non-noble gases in an air bubble undergo chemical reaction into soluble products, leaving only argon. In the present work, this dissociation hypothesis is supported by simulations, although the associated temperatures of about 7000 K seem too low for bremsstrahlung, which has been proposed as the dominant light emission mechanism. This suggests that emission from water vapor and its reaction products, heretofore not included, may play an important role.