What is the product and mechanism when 2‐hydroxy‐6‐methyl‐5‐nitrocyclohepta‐2,4,6‐trien‐1‐one is reacted with $\ce{NaOH}$?
The only reagent used is $\ce{NaOH}$ so I suppose it abstracts the acidic hydrogen from the $\ce{-OH}$ group. A nucleophilic attack at the carbonyl carbon is also possible, as it could form a tropylium like cation. But I am not sure as to how a ring contraction occurs. The final answer given is 3-methyl-4-nitrobenzoic acid. How does the formation of an acid group and the ring contraction take place?