Marketability vs. Liquidity Discount

In equity SS #10, they discuss how you may need to subtract a discount due to marketability or subtract a discount for lack of liquidity from your valuation. Can anyone explain the difference between these two? They both sound like a discount for the fact that you can’t convert your equity to cash quickly. I’m worried that both will be listed as an answer choice I won’t know which to pick. Thanks!

I think liquidity refers to the fact that if you want to sell spreads are big marketability refers to the fact that you might have problems in finding a counterparty or being able to sell little quantities at any time. not sure though