Final answer:
The early 1970s cancellation of Life and Look magazines was attributed to declining paid circulation, advertising shifts to television, and increased postage rates, but not high production costs.
Step-by-step explanation:
Life and Look magazines were discontinued in the early 1970s due to several factors, but their failure was not a result of high production costs. The challenges they faced included a sharp decline in paid circulation, the shifting of advertising dollars towards television, and increased postage rates. The changing media landscape saw many traditional print publications struggle as new technologies and media forms, such as television and later the internet, became dominant sources of news and entertainment, affecting the habits of readers and advertisers alike.