What does the cartridge light blinking mean on the HP Deskjet 2050?

A blinking cartridge light indicates either low ink or a print cartridge problem. If the cartridge light blinks after you install a cartridge, make sure that the pink tape has been removed from the cartridge. If a cartridge is low on ink, replace it when print quality is no longer acceptable. (Page 3)

From the official HP Deskjet 2050 All IN One Printer Series J5 manual, page 3

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