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Schools: IIM (A) ISB '24
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(A) There is no reason to believe that life exists on other planets. -- Trap choice. The author's conclusion is clearly about "finding" extraterrestrial life and not about that such life does not exist at all. Eliminate.

(B) The equipment that scientists employ is not as sophisticated as it should be. -- Eliminate. Not the main point.

(C) Scientists searching for extraterrestrial life will not find it. -- Correct answer. "the dream of finding..is destined to remain a dream" in the conclusion of the passage gives it away.

(D) Only if scientists had already found evidence of life on other planets would continued search be justified. -- That is perhaps an inference but not the main point of the argument. Inference derives from the main point but is itself not the main point. Eliminate.

(E) We should not spend money on sophisticated equipment to aid in the search for extraterrestrial life. -- Not the main point of the argument. Eliminate.
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FYI, this is an old LSAT question. It's a good example of its type and not totally dissimilar from the GMAT, but it's an LSAT question.
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