3. A common type of inflation is (select all that apply)

common type of inflation is:<br /><br />1. Demand-pull inflation: This occurs when the demand for goods and services exceeds their supply, leading to an increase in prices.<br /><br />2. Cost-push inflation: This happens when the cost of production inputs, such as raw materials or labor, increases, causing producers to raise prices to maintain their profit margins.<br /><br />3. Built-in inflation: Also known as wage-price inflation, this type of inflation occurs when businesses increase prices to compensate for rising labor costs, and workers demand higher wages to keep up with rising living costs.<br /><br />4. Inflation caused by external factors: This can include inflation resulting from changes in exchange rates, fluctuations in global commodity prices, or supply chain disruptions.<br /><br />Therefore, all of the above options are common types of inflation.