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The correct answer is that a key way is specifically described as having a shape that accepts a key bit or blade. The key way refers to the slot or channel within a lock that is designed to accommodate the specific shape of a key. This design is crucial because it ensures that only the correct key, with a corresponding bit or blade profile, can fit into the lock and operate it properly.

In this context, the consideration of the other options highlights their different roles in key construction or locksmithing. For instance, the neuter bow does not play a direct role in fitting the key into a lock but rather relates to the part of the key that is grasped by the user. The multiplex key blank and neck of key also serve specific purposes in key design and functionality that do not directly involve the locking mechanism's acceptance of a key bit or blade shape. Understanding the role of the key way is essential for locksmiths as it directly impacts how keys interact with locks to secure or unlock mechanisms effectively.