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These are the most common general-purpose microphones. They do not require power to operate. If you have a microphone that is used for live performance, it is probably a dynamic mic.
They have the advantage that they can withstand very high sound pressure levels (high volume) without damage or distortion, and tend to provide a richer, more intense sound than other types. Traditionally, these mics did not provide as good a response on the highest frequencies (particularly above 10 kHz), but some recent models have come out that attempt to overcome this limitation.
In the studio, dynamic mics are often used for high sound pressure level instruments such as drums, guitar amps and brass instruments. Models that are often used in recording include the Shure SM57 and the Sennheiser MD421.
These microphones are often the most expensive microphones a studio owns. They require power to operate, either from a battery or phantom power, provided using the mic cable from an external mixer or pre-amp. These mics have a built-in pre-amplifier that uses the power. Some vintage microphones have a tube amplifier, and are referred to as tube condensers.
While they cannot withstand the very high sound pressure levels that dynamic mics can, they provide a flatter frequency response, and often the best response at the highest frequencies. Not as good at conveying intensity, they are much better at providing a balanced accurate sound.
Condenser mics come with a variety of sizes of transducers. They are usually grouped into smaller format condensers, which often are long cylinders about the size of a nickel coin in diameter, and larger format condensers, the transducers of which are often about an inch in diameter or slightly larger.
In the studio, condenser mics are often used for instruments with a wide frequency range, such as an acoustic piano, acoustic guitar, voice, violin, cymbals, or an entire band or chorus. On louder instruments they do not use close miking with condensers. Models that are often used in recording include the Shure SM81 (small format), AKG C414 (large format) and Neumann U87 (large format).
Ribbon microphones are often used as an alternative to condenser microphones. Some modern ribbon microphones do not require power, and some do. The first ribbon microphones, developed at RCA in the 1930s, required no power, were quite fragile and could be destroyed by just blowing air through them. Modern ribbon mics are much more resiliant, and can be used with the same level of caution as condenser mics.
Ribbon microphones provide a warmer sound than a condenser mic, with a less brittle top end. Some vocalists (including Paul McCartney) prefer them condenser mics. In the studio they are used on vocals, violins, and even drums. Popular models for recording include the Royer R121 and the AEA R84.
