Correct Answer: BLUE

Solution : Given:
IMMEASURABLE

Let's compare the given options –
First option: BAILABLE; Two B's are not present in the word IMMEASURABLE. Therefore, all the letters of BAILABLE are not present in the word IMMEASURABLE.
Second option: BLUE; All the letters of BLUE are present in the word IMMEASURABLE.
Third option: MEAT; T is not present in the word IMMEASURABLE. Therefore, all the letters of MEAT are not present in the word IMMEASURABLE.
Fourth option: BIBLE; Two B's are not present in the word IMMEASURABLE. Therefore, all the letters of the BIBLE are not present in the word IMMEASURABLE.

So, from the above, only BLUE can be formed using the letters of the word IMMEASURABLE. Hence, the second option is correct.