If it has reached the requested temperature. Like basically all consumer thermostats, it is a bang-bang controller. There is no set on-off cycle. If the AC unit is running at capacity, ie it is properly sized for requirements, it will just be on all the time.
In a better-than-consumer setup you will have multiple chillers. Most will just stay on, with one going on-off to handle the variable bit of the load. Starting and stopping electric motors is less efficient tha just keeping them running as much as possible.
Yeah, most central heat pumps installed now are inverter models (also referred to as variable speed). More efficient and more comfortable since you've got a continuous flow of cool air, rather than blasts of cold interspersed with nothing.
If it has reached the requested temperature. Like basically all consumer thermostats, it is a bang-bang controller. There is no set on-off cycle. If the AC unit is running at capacity, ie it is properly sized for requirements, it will just be on all the time.