Fake? Yes
Explanation: Marilyn Monroe and Elizabeth Taylor have been photographed separately, by two different photographers, on different years and even on different continents. This is a photo manipulation.
Note regarding the location of Elizabeth...

Fake? Yes

Explanation: Marilyn Monroe and Elizabeth Taylor have been photographed separately, by two different photographers, on different years and even on different continents. This is a photo manipulation.
Note regarding the location of Elizabeth Taylor’s photo. The whole series of photographs can be seen on Google Cultural Institute. One of them is described by Time as taken in front of West Point (photo #6) though it is much more probably the Palace of Westminster, in London. The photographs taken in front of the house clearly picture the British childhood home of Liz Taylor.

Photo of Marilyn Monroe
When: 1950
Where: Griffith Park, Los Angeles, California, United States
Source: Ed Clark / Time & Life Pictures / Getty Images

Photo of Elizabeth Taylor (see photo #3)
When: 1948
Where: Probably Hampstead, London, United Kingdom
Source: Mark Kauffman / The LIFE Picture Collection / Getty Images

[Debunked by Hoax of fame]