Which condition describes decreased arterial oxygen content?

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Arterial oxygen content depends on how much oxygen is dissolved in the plasma and how much is bound to hemoglobin. A drop in arterial oxygen content most directly comes from a low amount of oxygen available in the arterial blood, i.e., hypoxemia. When PaO2 falls, the dissolved oxygen portion shrinks and, if saturation follows, the amount of oxygen bound to hemoglobin can also decrease, lowering the total oxygen content carried to tissues.

While anemia reduces the oxygen-carrying capacity by lowering hemoglobin, PaO2 can remain normal in that case, so the primary label for decreased arterial oxygen content due to insufficient oxygen in the blood is hypoxemia. Hypercapnia involves high carbon dioxide, not low oxygen. Dehydration mainly affects volume status and does not directly describe reduced arterial oxygen content.