According to the material, normalization by revenue can lead to what effect on dispersion?

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Normalizing by revenue is about making metrics comparable across companies of different sizes by expressing the metric per unit of revenue. When you scale a measure this way, size differences are reduced, so firms with similar efficiency or performance end up with more alike values. That smoothing effect makes the dispersion of the metric across companies significantly narrower, since the revenue base accounts for scale differences that would otherwise widen the spread. It doesn’t inherently make the measures inaccurate, and it does change dispersion, so options suggesting no effect or a wider dispersion don’t fit.