Multiplexing refers to combining multiple information signals into one channel for transmission. Demultiplexing is separating the signals at the receiving end. There are four main types of multiplexing: frequency division, wavelength division, time division, and code division. Time division multiplexing transmits signals by assigning each a time slot, while frequency division divides the bandwidth into frequency channels. Packet switching uses statistical multiplexing without a fixed frame structure and may involve queuing delays, making it suitable for bursty traffic.