I genuinely thought that it was just:
a) Smaller stars just "died" out a while back.
c) + d) Older cluster, more time passed, therefore main sequence phase is over.
Compared to the young cluster, the old cluster will have fewer main sequence stars because that phase in their life ended.
Yeah, the physics I'm using is pretty sketchy so I wouldn't take my reasoning on a piece of paper ...
Forgive me if I'm wrong. But don't say I didn't warn you.