The code will output 'truthy'. An empty object ({}) is a truthy value in JavaScript. When used in a conditional context like a ternary operator, it's implicitly converted to the boolean value true. Since the condition is true, the ternary operator returns the value after the question mark and before the colon, which is the string 'truthy'. This behavior is consistent for all objects in JavaScript, including empty objects, arrays, and functions, which are all considered truthy values.