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In this paper, we study optimal tradeoffs of achievable throughput versus consumed power in wireless ad-hoc networks formed by a collection of multiple antenna nodes. Relying on adaptive modulation and/or dynamic channel coding rate allocation techniques for multiple antenna systems, we examine the maximization of throughput under power constraints as well as the minimization of transmission power under throughput constraints. In our examination, we also consider the impacts of enforcing quality of service requirements expressed in the form of channel coding block loss constraints. In order to properly model temporally correlated loss observed in fading wireless channels, we propose the use of finite-state Markov chains. Details of fading statistics of signal-to-interference-noise ratio, an important indicator of transmission quality, are presented. Further, we objectively inspect complexity versus accuracy tradeoff of solving our proposed optimization problems at a global as oppose to a local topology level. Our numerical simulations profile and compare the performance of a variety of scenarios for a number of sample network topologies.