If a rise in consumer income leads to an increase in the demand for luxury cars, then a decrease in the number of automobile manufacturers due to increased production costs is analogous to what change in the market for luxury goods?

When consumer income rises, people tend to buy more luxury items, like luxury cars, because they have more money to spend. If there are fewer automobile manufacturers because production costs have gone up, this is similar to a decrease in the supply of luxury goods in the market. With fewer luxury cars available, the demand will likely outpace the supply, which can lead to higher prices for those cars. For example, if only two companies are making high-end sports cars instead of five, the limited options can make those cars more desirable and expensive. So, just as fewer manufacturers affect the supply of luxury cars, a decrease in the number of luxury goods available can also drive up their prices.