George owns a dude ranch in Texas. He pays $32,000 per year in insurance, $408,000 in wages, and $23,000 in supplies. He forgoes $32,000 per year he could make as a police officer. His total revenue last year equaled $460,000. That means his economic _____ equaled _____. Question 16 options: a) profit; $3,000 b) losses; $35,000 c) losses; $3,000 d) profit; $35,000