For monitors it means gray to gray, the time is takes for pixels to change from gray to white and back to gray. 5ms would be for btb, black to black. Response time is in reference to ghosting but are not regulated so can't really be trusted. In most cases companies list best times instead of average and could test with artificial circumstance that give better results than normal operation. The monitor doesn't have ghosting issues and usually listings with 5ms gtg is fine for 60hz.