Hey uwhusky,
Yes - and this concept can be quite useful for you on the GMAT, so I'm glad you brought it up.
Statements 1 and 2 MUST BE consistent with each other.
Think about it - one of the more popular answer choices for a lot of these questions is C, both statements together are sufficient. If it weren't possible to get the same answer using both statements together, the GMAT has lost a plausible answer choice...it just can't afford to do that.
So if Statement 1 is sufficient to give you an answer, statement 2 must allow for that same answer to be true.
Let's try a quick example to see how it can be useful:
What is the value of x?
1) x^2 = 81
2) -x > 7
Say you looked at statement 1 and thought that it meant "x = 9". Statement 2 tells you that x < -7, which means that it cannot be 9. This discrepancy means that you have to go back and reconsider the statements - you did something wrong, because they have to be consistent.
Looking back, you may notice that x^2 = 81 means that x could be 9 or -9. Using statement 2, you'd find that x must be -9, and C is the correct answer (which it could not have logically been if the statements were allowed to be inconsistent).
Simply put, if statements 1 and 2 seem to contradict, go back and check your work because that means you did something wrong.
Brian Galvin
GMAT Instructor
Chief Academic Officer
Veritas Prep
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