Panpaper

I currently have it on HIGH, but I'm not noticing any difference in contrast, picture quality, and quite frankly, any input lag. I grew up using pretty low-end laptops for gaming and input lag never occurred to me. What could OFF possibly mean?

I recently bought an LG 29UM59 monitor, and was looking around in the settings. i saw a setting called "Response Time", which went from OFF, to LOW, to MEDIUM, to HIGH. As far as I know, the lower the response time, the better. Why would anyone turn up the response time? And what does OFF mean? Can't possibly be no response time