What does it mean when one ink cartridge indicator light is flashing?

A flashing ink cartridge light means the corresponding cartridge is not correctly installed or is incompatible. Reseat the cartridge by removing and reinserting it firmly; if it is incompatible, replace it with a compatible cartridge. (Page 9)

From the official HP Deskjet 1050 All-in-One Printer Series J4 manual, page 9

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