The marginal cost (MC) curve is defined as the difference between the total cost and the change in energy output. In completely competitive markets, the MC curve and the firm's supply curve are identical.
The marginal cost curve is U-shaped because of how the "law of changing proportions" behaves in the near run. According to the law, the MC curve begins to slope upward after first sloping downward until it reaches its minimum point. As a result, the curve resembles a U when it is visually represented.
The amount that a product's price varies when an additional unit is produced is measured using the marginal cost of production.
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