Final answer:
August Wilson's play Fences, part of the 'American Century Cycle,' is indeed set in the 1950s and deals with complex family dynamics, making the statement true.
Step-by-step explanation:
The statement that August Wilson's Pulitzer Prize-winning play Fences is a family drama set in the 1950s is True. Fences is one of the ten plays in August Wilson's "American Century Cycle", each play representing African American experiences in a different decade of the twentieth century. Specifically, Fences explores themes of race, class, and family dynamics during the 1950s, offering a window into the struggles and experiences of the black community in that era.