Answer: True.
A redox reaction, short for reduction-oxidation reaction, is a chemical reaction in which the oxidation states of one or more components change. Oxidation refers to the loss of electrons, while reduction refers to the gain of electrons. In a redox reaction, there is a transfer of electrons from one element to another. This means that if an element is being oxidized (losing electrons), it simultaneously causes another element to be reduced (gaining electrons). Thus, when an element undergoes both oxidation and reduction, it is indeed called a redox reaction, confirming that the statement is true.