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Definition of telephone exchange noun from the Oxford Advanced Learner's Dictionary

telephone exchange

noun
 
/ˈtelɪfəʊn ɪkstʃeɪndʒ/
 
/ˈtelɪfəʊn ɪkstʃeɪndʒ/
(also exchange)
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  1. a place where phone calls are connected so that people can speak to each other
See telephone exchange in the Oxford Advanced American Dictionary

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