We consider M transmitting stations sending packets to a single receiver over a slotted time-multiplexed link. For each phase consisting of T consecutive slots, the receiver dynamically allocates these slots among the M transmitters. Our objective is to characterize policies that minimize the long-term average of the total number of messages awaiting service at the M transmitters. We establish necessary and sufficient conditions on the arrival processes at the transmitters for the existence of finite cost time-average policies; it is not enough that the average arrival rate is strictly less than the slot capacity. We construct a pure strategy that attains a finite average cost under these conditions. This in turn leads to the existence of a...