You are (in your second thoughts) interpreting the IB statement incorrectly. The controlling rate equation is that of the slowest step, but you can't ignore species from earlier steps, because the concentration of species involved in the slow step may depend on them. Thus in your example
Rate = k[A][C] (I don't like that expression, by the way, because what do you mean by "rate"? Let's be more specific and say d[AC]/dt = k[A][C].)
But you have to be careful about how [A] depends on [AB]. For example, if the decomposition of AB is an equilibrium AB
A + B, and there is no other source of A or B, then
K = [A]{B}/[AB] = [A]
2/[AB] so [A] = sqrt(K[AB]) and rate = k[AB]
1/2[C] (I write {B} to prevent bolding everything.)
If AB
A + B fast and irreversibly, then essentially before the slow step begins, [AB] = 0 and [A] = [AB]
0. You can then solve the second-order rate equation for A and C with [A]
0 = [AB]
0. This rate equation will not depend on the
instantaneous concentration of AB, which is zero, but will depend on the
initial concentration.
In neither case is rate = k[AB][C].