Could price controls imposed by the government lead to government failure and market failure? How or why not?

Yes, the price controls imposed by the government may lead to market and government failure. Firstly, there are instances when the government sets the market price at the maximum point, this makes the price too high for consumers. In effect, the product becomes unaffordable, and, in the end, it causes wastage and significant losses than anticipated. Secondly, setting the costs at a minimum causes a great demand for the product. With that low price, it overwhelms suppliers and the resources used to make that particular product, leading to losses and failure for the government and the market as well. Market and government failure could be non-existent since controlling the prices could make the products affordable and increase profits and more revenue for the government through tax. In addition to that, price controls could improve the market in the scenario where a monopoly is exploiting consumers by charging them exorbitantly. Controlling the costs could ease the burden on consumers making life easier for citizens.