What is the difference between Hosted PBX, Managed PBX and Virtual PBX?

This is a short and sweet answer to the question. Feel free to expound as a comment if you'd like.

Hosted PBX: You hire a service and don't have to worry about a thing other than paying.

Managed PBX: You have the actual equipment at your location but someone else mantains it for you.

Virtual PBX: Similar to hosted but you don't need any hardware. The service is managed through a web interface.

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