You are suddenly at an altitude of 35,000' in a non-pressurized aircraft, and have no source of suplemental oxygen with you. Do you pass out because:
There is simply less oxygen at FL 350 as opossed to sea-level, or
There is actually the same amount of oxygen regardless of altitude, but the atmospheric pressures associated with FL 350 are responsible for greatly reducing the pressure differential between the atmosphere and the expanded diaphragm, therby decreasing the actual amount of oxygen inhailed with each breath, or
a combination of these factors. There is less oxygen at higher altitudes, and breathing efficency is also sacrifised due to lower atmospheric preasures.
There is simply less oxygen at FL 350 as opossed to sea-level, or
There is actually the same amount of oxygen regardless of altitude, but the atmospheric pressures associated with FL 350 are responsible for greatly reducing the pressure differential between the atmosphere and the expanded diaphragm, therby decreasing the actual amount of oxygen inhailed with each breath, or
a combination of these factors. There is less oxygen at higher altitudes, and breathing efficency is also sacrifised due to lower atmospheric preasures.