Option 2: No

Even if hardware resource utilization in an application is less than 100%, it does not necessarily mean that there are no queuing or contentions happening. Queuing and contention issues can occur due to various factors, including inefficient code, resource conflicts, and contention for shared resources, even when resource utilization is not at its maximum. It's important to analyze the specific behavior and performance of the application to determine if queuing or contention issues exist, which may not always be reflected solely by resource utilization percentages.