Question about ASP Cacheing Model

[C Newby]

I am in the process of evaluating an ASP application and I have come to
realize that I am a little unclear as to what exactly the ASP chacheing
model is. As I understand it, ASP will cache a script engine and HTML pages
created from that engine. But what about the actual scripts and the machine
code they compile down to? In other words, if I refresh the same ASP page
does that mean that the script contained within that ASP page is recompiled
/ re-interpreted?

TIA//