Yeah it's more small or normal breasts. That and Marisa isn't exactly a loli, just usually petite.
Edit: not sure if it's Marisa or Yukari at the first part as there's no real identifying hairpiece until the end (and it leans more towards Marisa than Yukari)
To oheye's question: looks like it and it's easy to see the differences in art (I still think it's Marisa in the first part as the aritst these days likes to give Marisa a rather nice figure)