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A library is best considered A club good A public good A private good A common...

A library is best considered

A club good
A public good
A private good
A common property good

Society's total cost of producing a good

considers only the cost to the firm
considers only the external cost
considers all private and external costs
measures the output level that maximizes the firm's profits
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Answer #1

A club good
(A club good is the one which is non rivalrous but excludable. Library is best considered a club good. This is because Libraried are not rivalrous as use of library by one member does not reduce the amount available for another. But exclusion is possible through subscription fees.)

considers all private and external costs
(When the total cost is considered from society's angle then in additin to private costs, external costs are also considered. Because for society's welfare maximisation, external costs also need to be considered.)

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