Soooo close; generally only condenser microphones require bias power, which is called phantom power in the professional audio world. Dynamic, ribbon and piezoelectric microphones do not need phantom power as the movent of the diaphragm directly creates the output voltage that is measured and applying phantom power does nothing, with the exception of ribbon mics which destroy themselves. But yes the 5v bias is the third connector to enable electret condensers microphones to work.
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