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The mixer is a crucial component in adjusting audio levels during a live performance because it serves as the central hub for combining, routing, and manipulating audio signals from various sources such as microphones, instruments, and playback devices. By using a mixer, audio engineers can control the volume levels, equalization, and effects applied to each audio input. This allows for a balanced mix that fits the needs of the performance, ensuring that all sound sources are heard clearly and at the appropriate levels.

In contrast, other components like a projector, amplifier, and receiver each serve different functions. A projector is primarily used for visual display, an amplifier boosts the audio signal for output to speakers but does not provide level adjustments, and a receiver typically integrates multiple audio and video components for playback but does not deal specifically with live audio mixing. Thus, the mixer is uniquely suited for live sound environments where real-time adjustments are essential.