October 2, 2007 -- Hold the iPhone!

A Queens woman is so angry at Apple for slashing the iPhone's price by $200 less than three months after it went on sale that she's suing the company for $1 million.

And it's all about her profit.

In a Brooklyn federal court suit, Dongmei Li of Forest Hills fumes that because of the Sept. 5 price cut, she won't be able to make as much if she resells her phone.

The iPhone debuted on June 29, an 8-gigabite model selling for $599 and a 4-gigabite model going for $499. But on Sept. 5, Apple halted sale of the 4-gigabite phone and cut the 8-gigabite price to $399.

Li's lawyer, Jean Wang, said her client bought two 4-gigabite models for $499 each with the idea of selling them later on eBay.

"Since they're selling the 8-gigabite phone for $399, there's really no market for her," Wang said.