"Fixable" means that something can be repaired or mended. So in your example, "the toy is not fixable" means that the toy cannot be repaired, implying that it is beyond repair.
From your options, the correct interpretation would be "can be fixed."
They toy is not fixable, so we will have to buy a new one.
what does fixable mean?
can be fixed
the act of fixing
a person who fixes
the result of fixing
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