Compounds that contain both a hydroxyl group (OH)and a carboxyl group (COOH)can undergo an intramolecular esterification reaction. The lactone product shown is the result of the intramolecular esterification reaction of the indicated starting material. 
Definitions:
Mark-up on Cost
The percentage added to the cost price of goods to cover overhead and profit.
Lettuce
A leafy green vegetable commonly used in salads and sandwiches.
Selling Price
The amount for which something is sold; the price that a buyer pays.
Retail Price
The price at which goods or services are sold to the end consumer, inclusive of any markup from wholesalers or distributors.
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