Step 1: Recall the optical path difference.
In a Michelson interferometer, if the mirror is displaced by a distance \(d\), the optical path difference changes by
\[
2d.
\]
Step 2: Apply the condition for one fringe shift.
One fringe shift occurs when the optical path difference changes by one wavelength:
\[
2d=\lambda.
\]
Therefore,
\[
d=\frac{\lambda}{2}.
\]
Hence,
\[
\boxed{\frac{\lambda}{2}}
\]
is the required mirror displacement.
Therefore,
\[
\boxed{(B)}
\]
is the correct answer.