What is "runtime"?

Runtime describes software/instructions that are executed while your program is running, especially those instructions that you did not write explicitly, but are necessary for the proper execution of your code.

Low-level languages like C have very small (if any) runtime. More complex languages like Objective-C, which allows for dynamic message passing, have a much more extensive runtime.

You are correct that runtime code is library code, but library code is a more general term, describing the code produced by any library. Runtime code is specifically the code required to implement the features of the language itself.

Runtime is a general term that refers to any library, framework, or platform that your code runs on.

The C and C++ runtimes are collections of functions.

The .NET runtime contains an intermediate language interpreter, a garbage collector, and more.