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All else being equal, you will lose fuel efficiency going to a larger displacement engine.
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A bigger factor is if the engine is running at or near it's peak torque output, which indicates best cylinder filling and peak efficiency. A well-optimized large displacement engine can operate at or near it's peak torque over a very broad range of engine speeds. This can be especially helpful for an application where you change engine speeds often and don't have the benefit of a gearbox to re-match the engine to the load at the different engine speeds. This is a good description of a powerboat doing, say ski tug duty where you are frequently accelerating and decelerating. In these applications, the large displacement engine can have an efficiency advantage because of being tuned for a very wide torque peak. The larger displacement allows some peak power to be traded away in this fashion. The faster the boat comes up on plane, the better for efficiency as the drag penalty for a planing hull that is not yet planing is very high.
The 26-28 MPG Chevy Corvette is a good example of a vehicle with a large displacement engine that because of it's wide torque peak can be surprisingly efficient when in high gear. A small displacement engine would not have the torque at 1500 rpm to pull this little hat trick off.
Jimbo