The standard electrode potentials are:
\[
E^\circ_{Zn^{2+}/Zn}=-0.76\text{ V},
\]
\[
E^\circ_{Cu^{2+}/Cu}=+0.34\text{ V},
\]
\[
E^\circ_{Ag^+/Ag}=+0.80\text{ V}.
\]
A metal with lower reduction potential is more easily oxidized.
Therefore, zinc has the lowest reduction potential.
So zinc acts as a strong reducing agent.
A reducing agent reduces other species and itself gets oxidized.
Zinc can lose electrons:
\[
Zn\rightarrow Zn^{2+}+2e^-.
\]
These electrons can reduce:
\[
Ag^+\rightarrow Ag
\]
and
\[
Cu^{2+}\rightarrow Cu.
\]
Therefore:
\[
Zn
\]
can reduce both
\[
Ag^+
\]
and
\[
Cu^{2+}.
\]
Hence, the correct statement is:
\[
\text{Zn can reduce }Ag^+\text{ and }Cu^{2+}.
\]