The above-given statement is false because a monopoly firm is not a price taker. It happens due to the less competition between other industries. The firm is ultimately a price-maker due to free adjusted in the price of services and goods. It has a downward response in the competition of products. A sole provider could be able to set the product's price due to less competition. It can lead to inferior services and products, dominant business practices, and high costs.
Therefore, a market structure in a monopoly is the price makers.