Cecil, W5DXP wrote:
"50W will be reflected from the load and flow unopposed back to the
circulator load resistor. There is no face-off. Unless there is an
impedance discontinuity, forward waves have no effect on reflected
waves."

A 291.5-ohm load on a 50-ohm Zo produces a reflection coefficient of
0.707, and the rest follows suit.

Best regards, Richard Harrison, KB5WZI