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AUDIO Quality of Export

Hello
My Mixmeister library is mostly MP3s, ripped from CDs. Therefore, I know the original WAV quality of the files on CD was significantly reduced when converting to MP3.
In Mixmeister, when I export a playlist comprised of these MP3s to WAV format, I know I am preserving the audio quality of the MP3 files at least. On the other hand, if I exported a Mixmeister playlist comprised of WAV files to a single MP3 file, I know I am significantly reducing audio quality of playback.
My query is, what happens when I export a playlist of MP3 files to a single MP3 file? Is the audio quality of the individual MP3 files preserved in the single MP3 file, or significantly reduced further?
Do tell!
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