Yes, each slide's duration it tied to the audio or silence that is associated with it. Open the audio editor and you can either remove audio/silence or add silence to it. Audio can also be recorded here, but it is better done through the record audio dialog as it will provide the ability to have a script for it, from the notes section of PPT for that slide.
I believe that with Presenter 8+, the slides have a minimum display time of 1 second.
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