Yes. Then again, I find odd the whole sense of entitlement attitude that "I paid a few dollars for access to something that cost many thousands (if not millions) of dollars to produce, so I 'own' it and should be able to do whatever I want with it", but that is another story.
But that's been the book model for as long as there has been commercial printing. It was also the model for music prior to online music libraries. I buy a CD: I can keep it, I can dub it to tape (remember tape?), I can give it away, or even resell it. I buy a book, same deal, except for easily copying it. If I buy a movie on DVD, I can resell it or loan it out after I watch it. Even most software works this way. I can deauthorize my copy of Photoshop, uninstall it, and give it away to someone else to use, or try to sell it on ebay. Heck, the car I paid $25K for cost the manufacturer tens of millions of dollars to design and bring to production, but that doesn't prevent me from reselling it when I'm done with it. Or loaning to a friend for free, or even setting up a rental agency and charging other people to drive it.
Furniture, houses, motorcycles, pets, tools, TVs, computers, and phones. Books, CDs and records, movies, games, and software. All of these things are sold at a fraction of the cost of producing one, and all can be used or disposed of as the purchaser wishes.
Why should ebooks follow a different model than almost any other product or IP I can purchase? As long as I'm not making copies of it, I'm not violating anyone's copyright. This isn't a question of fairness to the creator, nor of a sense of entitlement. It's simply the sellers' attempting to use technology to limit consumer choice and increase their profits.