M/M/1/N queue packet

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If service rate is the same as the arrival rate for M/M/1/N queue, then intuitively I think that no packets will be dropped. However, using the formula for waiting time, I get a waiting time of infinity. Can anyone help me understand this?

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There are certainly going to be dropped packets in such a queue. In the steady-state, it is completely full with probability $\frac{1}{N+1}$ - any packet arriving at such an instant is dropped.