Step 1: Concept
This question asks for the common name of a chemical structure defined by IUPAC nomenclature.
Step 2: Meaning
2-acetoxy benzoic acid consists of a benzene ring with a carboxylic acid group ($COOH$) and an acetoxy group ($CH_{3}COO$) at the adjacent position.
Step 3: Analysis
Paracetamol is N-acetyl-p-aminophenol, and Ibuprofen is a propionic acid derivative. Aspirin is synthesized by the acetylation of salicylic acid (2-hydroxybenzoic acid).
Step 4: Conclusion
Therefore, the chemical 2-acetoxy benzoic acid is universally known as Aspirin.
Final Answer: (D)