Step 1: Calculate the standard cell potential.
Cathode:
\[
\mathrm{Ag^++e^-\rightarrow Ag},
\qquad
E^\circ=0.80\text{ V}.
\]
Anode:
\[
\mathrm{Fe^{2+}\rightarrow Fe^{3+}+e^-},
\]
whose oxidation potential is
\[
-0.77\text{ V}.
\]
Therefore,
\[
E^\circ_{\text{cell}}
=
0.80-0.77
=
0.03\text{ V}.
\]
Step 2: Calculate \(\Delta_rG^\circ\).
Since
\[
n=1,
\]
\[
\Delta_rG^\circ
=
-nFE^\circ_{\text{cell}}
=
-(1)(96500)(0.03)
=
-2895\text{ J mol}^{-1}
=
-2.895\text{ kJ mol}^{-1}.
\]
Step 3: Calculate \(\log K_c\).
Using
\[
\Delta_rG^\circ=-2.303RT\log K_c,
\]
\[
\log K_c
=
\frac{2895}{2.303\times8.3\times298}
\approx0.508.
\]
Hence,
\[
\boxed{\Delta_rG^\circ=-2.895\text{ kJ mol}^{-1},\qquad
\log K_c=0.508.}
\]
Thus,
\[
\boxed{(C)}
\]
is the correct answer.