The most accurate prediction the students should make is:
The cell will produce some ATP but in much lower amounts than if oxygen was present.
In the absence of oxygen, a muscle cell will switch to anaerobic respiration (specifically, fermentation) to generate ATP. This process is less efficient than aerobic respiration (which requires oxygen) and produces significantly less ATP per glucose molecule. While some ATP can still be produced via glycolysis, the overall yield will be much lower than that of aerobic respiration.