The code will output 'falsy'. While the object obj itself is truthy, the property obj.value is 0, which is a falsy value in JavaScript. When used in a conditional context like a ternary operator, the value is implicitly converted to a boolean. Since 0 is falsy, it's converted to false, and the ternary operator returns the value after the colon, which is the string 'falsy'. This demonstrates how JavaScript evaluates truthiness at the value level, not at the container level. The object containing a falsy value is itself truthy, but the falsy value when extracted is still falsy.