It's a matter of engine efficiency for a given rpm, throttle position, and load factor.
engine efficiency = (power output) / (fuel consumption rate)
There's more internal friction (aerodynamic drag under the cylinders, drivetrain losses, ...) when rpms are higher, but this may be offset by how well the engine operates at at a moderate rpm versus low rpm (air+fuel circulation in and out of the cylinders above the piston).
A engine with a nearly flat torque versus rpm curve can operate well at any rpm above the rpm where the torque curve falls off. A high powered V8 might do well at 1500 rpm at 70 mph.
acceleration versus fuel consumption
The faster the acceleration, the more power required, but over a shorter period of time, and the work done is the same if you ignore the constant velocity related losses, such as aerodyanmic drag and internal friction. By accelerating to speed sooner, you spend a bit more time at the faster speed. If the speed is 45mph or less, fuel efficiency may be improved by accelerating faster than some minimal amount. If the speed is 70mph or more, the extra time spent at speed uses a bit more fuel.
Again it's an issue of engine efficiency. If you accelerate fast enough, where engine efficiency falls off at near maximum power, then you consume more fuel, but it's a shorter period of time, so if not much time is spent during acceleration, it's not going to affect fuel efficiency that much.
Getting back to the OP, it depends on the car and the speed. At 70 mph, I'll get better milage in top gear on either my car or my motorcycle than in a lower gear. The motorcycle has higher power to weight ratio, but a lower weight to aerodyanmic drag ratio than a car, so aerodynamic drag is more of an issue on the motorcycle, and fuel milage is about the same in city or freeway (65 to 70 mph), and regardless of how fast I accelerate (about 35 mpg). The car on the other hand, gets much better milage on the freeway versus the city.