Alveolar air differs from the atmospheric air: it has higher PH2O, lower O2 because of constant removal of O2 in the pulmonary blood, and higher CO2 (addition of CO2)
A measurement of the lung's ability to transfer gases, the amount of a gas that is exchanged in a minute between alveolar air and capillary blood per unit partial pressure difference
RBC spend ~ 0.75 s in pulmonary capillaries at rest (equilibration achieved within 0.25 sec), the last 0.50 sec of the transit time provide a safety margin