Understanding why your selections were incorrect is important to understanding the process, so yes - study the wrong answers as well as the right answers. Personally, I found that there was a pattern to my wrong answers and it was that I consistently read the questions incorrectly. After I slowed down and read exactly what the question was asking, I found a marked improvement in my scores on the simulator. You will find that many of the "wrong" answers are answers to a different but similar process, so understanding how the processes inter-relate is vital to success.
Good luck!