One held by host? (3)

I believe the answer is:

mic

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'one held by host?' is the definition.
I can't judge whether this defines the answer.

'one held by host?' is the wordplay.
'one' becomes 'i' (Roman numeral).
'held by' indicates putting letters inside.
'host?' becomes 'mc' (short for Master of Ceremonies).
'i' going into 'mc' is 'MIC'.

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I've seen this clue in The Times.

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