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Typically found on consumer-level amplifiers, this knob allows the user to select the right or left channel or anywhere in between. The normal position is straight up; when turned to the right (clock-wise) the right channel will remain the same volume while the left channel will be slowly faded out. Turning the knob to the left (counter-clockwise) from the center point produces the opposite effect. A similar control is found on the input channels of a mixer. Source: Church Audio & Acoustics Glossary