Final answer:
Negative magnification indicates an inverted image, while a magnification with an absolute value less than one denotes that the image is smaller than the object.
Step-by-step explanation:
A negative magnification in optics implies that the image formed by a lens or mirror is inverted relative to the object. This typically happens when light passes through a converging lens or reflects off a concave mirror and the object is outside the focal length. When a magnification has an absolute value of less than one (|m| < 1), the image is smaller than the actual object. This can occur with both diverging and converging lenses, where the image appears diminished in size. In recapitulation, the correct statement relating to negative magnification and magnification less than 1 in magnitude would be: Negative magnification implies an inverted image; magnitudes less than 1 imply a reduced size.