Step 1: Understand the structure of acetylsalicylic acid.
Acetylsalicylic acid, commonly known as aspirin, consists of a salicylic acid molecule where the hydroxyl group (-OH) is esterified with an acetyl group (-COCH\(_3\)) at the 2-position of the benzene ring.
Step 2: Apply the IUPAC naming convention.
According to IUPAC nomenclature, the hydroxyl group on the benzene ring is located at position 1, and the acetyl group is located at position 2 on the ring.
Hence, the correct IUPAC name is "2-acetoxy benzoic acid".