What is low send/high receive impedance, and why is it used today?

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The audio output from a piece of equipment has low impeadance while the receive equipment has high input impedance, end up lowering noise

The audio output from a piece of equipment has low impeadance while the receive equipment has high input impedance, increase high end response

The send level is lower then the receive level to increase frequency response

The send level is lower then the receive level to lower the noise level