Yes! To allow students to retry their incorrect answers, turn on the Allow students to retry option for your assigned work. This will allow every student in the class to retry any problem on the assignment.
Once retry is turned on, students can retry any problem by editing it from their grade results page. They just have to click/tap on the problem and select the Edit Response option to update their graded response. This will allow them to submit a new answer for the problem and improve their grade.
At this time, if you allow students to retry, they will have an unlimited number of retry attempts. Please note that if students have the option to See Correct Answer, they will lose the option to retry their response if they choose to see the correct answer.