sound Need some advice on which mic to use.

I am shooting a film on a shoestring budget and would like to know what's the cheapest mic and digital sound recorder I could get, but that still has good enough quality to qualify for the movie to be sent to the film festivals, and not be judged for poor sound.
 
K I read a lot of stuff and so far it seems that the consensus is that you in order to get good quality for theaters you should record in 24 bit. Is that true? I was told that I should go for 1080p, when it comes to camera. So is there a matching quality standard of sound i should go for too?
 
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