We've had good luck with both the Audio Technica 4033 and the AKG C214. These are both large diaphragm condensers that run about $300 new. They're workhorse mics that excel both onstage and in the studio. For a small diaphragm condenser we've had good luck with AT Pro37's which are $130 from Musicians Friend. If you're on a budget, these are very good choices for acoustic guitars and other stringed instruments. The 4033 and C214 also work extremely well for vocals.
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"Out of all the sincere and well-intentioned attempts of politics, diplomacy, philosophy, religion, and education to get people to be peaceable together, ironically today, the last thing on earth that all seven billion of us agree on is that we like the steel string guitar." -Dan Crary
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