Response time is a worthless stat. Its the time it takes a pixel to go from white to black to white. This is useless for 2 reasons: 1- it is rarely the case that this happens. Very few pixels in normal operations go from off to on to off, mostly they go from one state of gray to another. 2- there is no universal way this is measured. Realizing that number 1 is true, manufacturers basically cheat. They usually measure response time as the time it takes to go from one shade of gray to off to gray. Problem is they don't tell you what shade of gray, and there is no universal metric so the same panel can have a 12ms response time with one monitor and a 8ms response time win another. Basically it's worthless since you cant readily compare response times; it's apples to oranges, much like dynamic contrast ratio.
Response time is different from lag. Lag is the time it takes for the monitor to get the signal and process and display the image. Problem is most manufacturers don't readily advertise lag, but you can usually find it if you google