Step 1: Understanding the Question:
This is an error spotting question based on subject-verb agreement rules.
We must review each segment of the sentence to find any grammatical errors.
Step 2: Key Formulas and approach:
The main subject of the sentence is "Each", which is a distributive pronoun.
The rule of subject-verb agreement states that the distributive pronoun "Each" is singular and must always be followed by a singular verb, regardless of any plural nouns in the qualifying prepositional phrase (such as "of the players").
Step 3: Detailed Explanation:
$\bullet$ In Part (A), "Each of players of the cricket team" introduces the subject. While "Each of the players" would be more idiomatically complete, the major grammatical error lies in the verb agreement.
$\bullet$ In Part (B), the verb phrase is "have received". "Have" is a plural auxiliary verb.
$\bullet$ Since the grammatical subject is "Each" (singular), the verb must also be singular. Thus, "have received" must be corrected to "has received".
$\bullet$ Part (C) is grammatically correct and coherent.
Step 4: Final Answer:
The error is located in Part (B), which makes Option (B) the correct answer.