Final answer:
The horseshoe crab is called a living fossil because its current form is very similar to its ancient ancestors, showing little evolutionary change over time.
Step-by-step explanation:
The horseshoe crab is considered a living fossil because it has remained largely unchanged over a vast period of evolutionary history. When we look at fossils of extinct ancestors of horseshoe crabs and compare them to the species that are still alive today, we see a remarkable similarity. This is an indication that horseshoe crabs have retained many of the same physical traits and behaviors of their ancient counterparts, suggesting minimal evolutionary change.