Of course it is possible to make a mobile Android game with IAP and with Ads. But it's unfortunately not that straightforward as it should be.
First of all C2/C3 exports HTML5 content. This content has to be wrapped with external tool to make the APK (kind of Android "exe" file).
C2 can't do it by itself so you have to choose one of external wrappers:
- Phonegap
- Cocoon.io
- manual build with Cordova CLI
- Intel XDK (not available any more)
Now each of those wrappers need a bit different configuration so you have to learn how to use it.
Phonegap seems to be the most straight forward as C2 exports the config.xml file which is a setup file for Phonegap. So in theory you just export project with Cordova option, zip it, upload to Phonegap and all should work well. Unfortunately it's not that easy if you use native C2 AdMob and IAP plugins as they rely on third-party Cordova plugins which breaks from time to time so you have to search for alternatives sometimes.
Cocoon.io has it's own official libraries for IAP and Ads and so is much more stable. Yet it's also not perfect as if you want to use Canvas+ then you can't use DOM elements in your project and can't minify your project (if you use official plugins).
I prefer Cocoon because it saves a lot of headache you'll have with all the 3rd party Cordova libs. I made the Ultimate ADS plugin recently to make it even easier.
So answering your initial question - Yes it is possible. But you need to understand how it works otherwise you'll end up frustrated.