Yes, if that won't distort the stereo output.
taken from manual
Master Level:
To set the overall level of the MPC2000XL.
The MPC2000XL can generate up to 32 sounds at one time. Therefore, there is a large difference
in the output level when only one or many sounds are generated. If you play a lot of sounds at the
same time, the level may be too high and the sound will be distorted. You can prevent distortion
by lowering the Master Level. If you are not playing a lot of sounds at the same time, increase the
level to cover noise.
Of course this feature doesn't apply to some of us who have the 8 outputs and use that to track from.