Which of the following tools can be utilized to shrink or expand the duration of a clip?

The Rate Stretch Tool is specifically designed for altering the speed of a clip, which directly affects its duration. When you use this tool, you can stretch a clip to make it last longer or shrink it to make it shorter by altering the playback speed. For instance, if you pull the edge of a clip outward, it will take longer to play, effectively slowing down the video, while pushing it inward will speed it up, reducing the duration of the clip.

In contrast, the other tools serve different purposes. The Slip Tool adjusts the In and Out points of a clip without affecting its overall duration, allowing you to reposition the clip's content within its current boundaries. The Rolling Edit Tool moves the In point of one clip and the Out point of the adjacent clip simultaneously, keeping the overall duration of the two clips combined the same. The Pen Tool is typically used for adjusting keyframes and clip paths, rather than manipulating the duration of clips. Thus, the Rate Stretch Tool stands out as the only option that can effectively shrink or expand the duration of a clip.