What is the difference between a market order and a marketable limit order?

@mandy 

A market order is an order to buy or sell a security at the current market price, resulting in immediate execution at the best available price in the market. It guarantees execution but does not guarantee a specific price, as it depends on the current market conditions and liquidity.

On the other hand, a marketable limit order is a type of limit order that is immediately executable upon placement. It is set at a specific limit price but allows for immediate execution if the current market price meets or exceeds the limit price. In other words, a marketable limit order combines the characteristics of a limit order (specifying a particular price) and a market order (providing immediate execution).

The difference between the two lies in the price execution. A market order guarantees execution but does not assure a specific price, while a marketable limit order provides execution at or better than the specified limit price, if the market conditions allow it.