Step 1: Reason with Energies
Photon energy must increase, but by less than double, because the work function stays the same.
Step 2: Check the Limits
Doubling the photon energy would make $E$ larger than $2E$, so $\lambda_1$ cannot be $\lambda/2$ or less.
Step 3: Conclusion
Photon energy rises, so $\lambda_1<\lambda$, and rises by less than double, so $\lambda_1>\lambda/2$.
Final Answer:
The wavelength is shorter than the original but longer than half of it.
\[ \boxed{\text{(C) }\lambda_{1}>\dfrac{\lambda}{2}\ \text{and}\ \lambda_{1}<\lambda} \]