A small cosmic object of mass a distance from a planet of mass has total mechanical energy:
Which of the following correctly describes the behavior of the small object?
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Relevant wiki: Characteristics of Circular Orbits
The fact that the total mechanical energy is negative tells you that the small object is in a bound state about the planet. Thus the orbit is closed (assuming Newtonian gravity), ruling out the hyperbolic orbit which escapes to infinity.
Since the total mechanical energy is not E = − 2 r G M m , the object is not in circular orbit, since this is the characteristic energy of circular orbit. The object is at a higher energy than this, not lower, so the object is not going to inspiral and hit the planet. Rather, the object is in a non-circular bound orbit -- aka, an elliptical orbit.