In a perfectly competitive industry, i. entry by new firms shifts the market supply curve rightward.
Ii) exit by existing firms shifts the market supply curve leftward.
Iii) at all times existing firms make only zero economic profit.

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In a perfectly competitive industry, entry by new firms increases the total quantity of goods or services supplied, shifting the market supply curve rightward. Similarly, exit by existing firms reduces the total quantity supplied, shifting the market supply curve leftward. However, it's not true that existing firms make only zero economic profit at all times; they can make positive or negative economic profits in the short run, but in the long run, economic profits tend to zero due to entry and exit.

In a Perfectly Competitive Industry, I