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Both versions of the atonement here considered are limited -- Calvinists limit it in scope (or recipients), while non-Calvinists limit it in power (or efficacy). It's not a matter of whether it is limited, but rather how it is limited.
In the scriptures, Christ was spoken of as the last Adam, a title which confers universality (in the same way that the first Adam did).
Is that a valid inference from the title? One way to think of it is in terms of the "tree of salvation" imagery in Romans 11:1-24. God had a chosen people, a subset of humanity, and Gentiles were added into that tree, while some of the natural branches were broken off and excluded from the tree. Only those in the tree are saved. Note here how the scope is explicitly limited.
Hence, I don't think universality is properly applied to Christ in this way. There is an analogy to Adam, but not an identical role in every respect. He is the federal head or representative only those who belong to him (John 10, the locus classicus for the Calvinist view of the atonement, though there are others).
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I'm no theologian, and my answer is probably not complete or rigorous by any means.
Christ's sacrifice was and remains sufficient to atone for everyone's sin. I don't think limited atonement denies that. It is only efficient for the elect. This is tantamount to saying that the sacrifice could save everybody from any sin, but there are people who won't accept Jesus and be saved.
Atonement is limited not because Jesus's sacrifice was insufficient. It is limited because not all people will receive it. If a room full of people are dying of thirst, and I start handing out free bottles of water, and you choose not to drink it and die, it's not because my water wouldn't have saved you, it's because you made a bad decision.
TL;DR: Christ's sacrifice was sufficient for all, efficient for the elect.
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I see the two questions below as being your main concerns. I am no theologian either, but I will give my best ideas.
In answering this, I refer you to God's foreknowledge and his right as creator to have those whom he elects and those whom he rejects. This flies in the face of man's sense of justice, but we must understanding that God's justice rules. We cannot conceive God's nature. He does not live in time. He knows all things, past, present and future and all three elements of time are his "present." He not only made vessels of honor, He made vessels of dishonor. Why, is something we cannot comprehend. Even so, the elect have freedom of action, to express or not express their love and faithfulness to the Creator, God. Nothing can shake them out of His fold. Good works are not part of salvation, but can be evidence of election. God greatly desires expressions of love and obedience to His Word. The atonement was sufficient for the whole world but was only efficient for the elect, as the previous writer stated.
2.God's justice was satisfied in Christ, and now he's also executing his justice on those in hell. How can this be justice, then?
Again, God is just, man is not. How could man's understanding of justice stand in the face of an omnipotent God. God is God. You could take your argument to the level of saying that the whole atonement was unjust because a perfect man/God (Jesus) should not have been required to suffer such humiliation as death on a cross. Why would a just God require this? Why would He even require animal sacrifice before Christ's death? This is where we simply have to accept, by faith, that God is perfect and we are not. We do not understand many things when it comes to God and will only become clearer when we are with Him.