This was the information given. Determine if the statement in the paragraph is true or false.

A nondiscriminating monopsonist faces the following inverse labor supply curve: W =50+ N/ - The monopsonist employs workers to produce exquisite Temoc bobbleheads. Each worker produces 2 bobbleheads and each bobblehead sells for a price of $25.50. Determine if the following statement is either True or False. The workers receive a wage under monopsony that is .5 less than the wage workers would receive if the market was perfectly competitive, and one fewer worker is employed under monopsony than would employed if the labor market was perfectly competitive