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Responsive Ads(short for Responsive Advertising) is a term related to the advertising techniques of the multi-screen that emerged with the introduction of Responsive Web Design. It was about 1 year before the community started to discuss Responsive Advertising as a problematic "hot topic" related to many publishers, web designers and agencies to really embrace Responsive Web Design in general.

Brief History

(Early Discussions)

August 6, 2011, Matt Ward posted and article, "I love Responsive Web Design...but" and highlights the challenges of Advertising.
August 7, 2011, Aron was one of the first to talk of responsive advertising in a post titled Responsive Ads. He asks? So here’s a thought: Why not experiment with ads that are themselves responsive? They could be packaged up with their own media queries and progressively dependent assets and served to a wide range of devices.
November 11, 2011 (11/11/11). The company ADObjects, Inc announced services related to Responsive Web Design and mentioned Responsive Advertising as a core service they were launching.
November 15, 2011 (11/15/11) in a post created by Mark Boulton,Mark Boulton Design, he describes that Responsive Web Design from a product and editorial perspective makes perfect sense for access of a single website to a variety of screen sizes. However, it all gets complicated when advertising is introduced. He cited the problems as follows.

1) A large number of sites rely on advertising for revenue. Many of those sites will benefit from a Responsive Web Design approach.

2) Web advertising is a whole other industry.

3)Ad units are fixed, standardised sizes.

4)They are commissioned, sold and created on the basis of their size and position on the page

5)Many ads are rich (including takeovers, video, pop-overs, flyouts and interactions)

November 19, 2011, Robert Flaherty, creates some basic Responsive Ads to show via his site Ravel Rumbla