This text is the content of a block-level level element. Within this block-level element is another block-level element.

Look, it's a block-level paragraph.

Here's the rest of the DIV, which is still block-level.
This text is the content of a block-level level element. Within this block-level element is an inline element.

Look, it's an inline paragraph.

Here's the rest of the DIV, which is still block-level.
This text is the content of a block-level level element. Within this block-level element is an inline-block element.

Look, it's an inline-block paragraph.

Here's the rest of the DIV, which is still block-level.