The hardenability of steel is measured by the Jominy end- quench test, which involves quenching a standard cylindrical specimen of austenitized steel with a jet of water at a specific flow rate and temperature. The resulting hardenability curve shows the distance from the quenched end to the location where there is 50% pearlite and 50% martensite, known as the Jominy distance. This test is used to determine the case of martensite formation and is the correct answer for assessing the hardenability of steel.