In that context no one would think you were being serious

Suppose A, B, and C are friends. One day, A and B were having some conversation. During the conversation A said something about B jokingly. B didn't get the joke, felt offended and left the place angrily. Later on A met C and told him all that had happened. After listening to the whole story C replied: "I think the context is pretty clear. In that context no one would think you were being serious."

Now take this sentence, please:

In that context no one would think you were being serious.

Q: What time does "were" refer to? Does it refer to the time when the event actually took place (ie real past, when A said it to B), or does the sentence have a purely hypothetical meaning: In such a context no one would think you were being serious. (here "were" does not refer to the actual event, rather it refers to a hypothetical time as is referred by "would" in the main clause)

C might as well have replied-- In that context no one would have thought you were being serious.

This version is relevant insofar as the duration of the conversation and the participants thereof are concerned.

In that context no one would think you were being serious.

This version is more of a general statement and you are assuming that no one in particular (whether they were a part of the conversation or not) would think you were being serious.

Sometimes however, will and would are used almost interchangeably, although there is a slight difference in meanings still.

For example, this:

In such a context no one would/will think you are being serious (assuming you're hypothesizing a particular situation).

This however doesn't refer to a past situation.