Suppose there are 100 price sensitive consumers who are willing to pay $100 for a product. An incumbent (I) faces a potential entrant (E). Both firms produce the same exact product at a marginal cost of $30. 15. First consider that there is no threat of entry (i.e., that the incumbent is a monopolist). What is the profit to the incumbent in this market? Group of answer choices $100 $70 $3500 $7,000 $10,000