Because of a patent, CancerMed is the only producer of a new cancer medication. CancerMed can earn a profit on the sale of its medication

Group of answer choices

only in the long run because government regulations prevent monopolists from earning profits in the short run.

in the short run but not in the long run because new firms will enter the industry in the long run.

in the long run but not the short run because the monopolist will face competition in the short run.

in the long run because entry into the industry by new firms is blocked until the patent expires.