The printer only prints in black, white and yellow. I have replaced the color cartridge twice and it continues not to print in color.

The Lexmark Platinum Pro905 needs all four inks to have substantial ink for printing at all times in order to prevent damage to the printhead. This is why a user has to replace empty ink cartridges to continue printing. This includes color cartridges for black only jobs.

You can only use the black ink cartridge without the color ink. But no need to replace them in your printer.
When you print just choose black and white for the printed text must be black not colored. But if you still received such notification...just try to replace the color ink cartridge to continue printing
Note: As per my experience. printer with exclusive black ink alone will damage the printer easily due to unbalance printing of ink

You can find the user's guide here which lists all the parts and supplies. Here's the cartridge information from the manual:

• HP Color LaserJet black print cartridge Standard black cartridge CE260A
• HP Color LaserJet black print cartridge High-capacity black cartridge for CLJ4525 models only CE260X
• HP Color LaserJet cyan print cartridge Cyan cartridge CE261A
• HP Color LaserJet yellow print cartridge Yellow cartridge CE262A
• HP Color LaserJet magenta print cartridge Magenta cartridge CE263A

You can use the HP numbers to look for original or after-market replacements.

Follow each of these steps until the problem is resolved:

Print a printer self-test by holding the power button down with a pencil and opening and closing the top cover four times.
Check the nozzle self-test pattern in the self-test print out. If one or more of the solid rectangular areas are missing, an electrical contact problem may be present.
Remove and then reinsert the print cartridge(s) into the printer.
Print the document.
If the problem persists, follow the steps listed above for cleaning the print cartridges and print cartridge cradle.
Try printing again. If the problem continues, replace the print cartridges.

http://www.fixya.com/support/t5717191-hp_deskjet_6540_printer_yellow_light

Specifically on the Magicolor 5430DL you can print when a cartridge is empty, but this is disabled by default. To enable printing even with a toner cartridge empty.Press the Menu Button, then press the right button until the ENGINE menu appears and press the select button.Next press the right button until TONER appears and press SelectOnce in the Toner Menu the first option should be "EMPTY" if not press the right button until you see "EMPTY" and press Select.There are two options, the default is "STOP" pressing the right button once should change from STOP to CONTINUE.While the display reads "CONTINUE" press Select.You should see the message "CONTINUE is selected"You can now print even when one or more cartridges are empty. However, the lack of the cartridge's color will be noticed in any print jobs calling for that color... (Obviously)

Unfortunately you have to replace yellow cartridge

its best to leave all the cartridges in the printer even if they are empty. the printer will continue to print but with the absence of yellow any color printing might be off color. black and white printing should be unaffected.

yes u can use it with black and white 

Reinsert the color cartridge. Give print command for page. Open Preferences in print window. Open the Color tab. Click on Print in Color. (It may have been set for black only.) Try printing.

Im sorry to inform but yes, Epson ink jet printers require all of the ink cartridges to have ink in them in order to print any color, black and white, or grayscale images. Epson printers contain a permanent print head that needs to be charged with all colors to work. Even when users are printing black text only, a small amount of color ink is used to keep the print head charged for color printing and prevent air bubbles from entering the color print nozzles which can damage the print head. Therefore, once one of the cartridges are expended, the printer signals you to replace the cartridge in order for printing to continue.