There is an ideal air/fuel ratio for all combustion. Get away from this, and combustion is incomplete, leaving excess oxygen [= low carbon dioxide] and high carbon monoxide, itself a [very dangerous] result of incomplete combustion. With inadequate air, of course you get high everything; carbon dioxide and monoxide, and soot.
In practice, all burners are set to a small amount of excess air to be on the safety side.
Well what do you know, when i said this i was a poorly trained **** but it seems i may have something here