A 62-year-old man with acute pneumonia presents with hypoxemia (PaO₂ 65 mmHg on room air). Arterial blood gas shows pH 7.42, PaCO₂ 38 mmHg, and HCO₃⁻ 24 mEq/L. All of the following statements regarding the pathophysiology of hypoxemia in this patient are correct EXCEPT:

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