Machine Design
A bolt of M 24 × 2 means that

Cross-sectional area of the threads is 24 mm²
The nominal diameter of bolt is 24 mm and pitch is 2 mm
The pitch of the thread is 24 mm and depth is 2 mm
The effective diameter of bolt is 24 mm and there are 2 threads per cm

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Machine Design
Set screws are

Similar to small size tap bolts except that a greater variety of shapes of heads are available
Slotted for a screw driver and generally used with a nut
Used to prevent relative motion between parts
Similar to stud

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