(Abridged) Based on numerical simulations of galaxy mergers that incorporate black hole (BH) growth, we predict the faint end slope of the quasar luminosity function (QLF) and its evolution with redshift. Our simulations have yielded a new model for quasar lifetimes where the lifetime depends on both the instantaneous and peak quasar luminosities. This motivates a new interpretation of the QLF in which the bright end consists of quasars radiating at nearly their peak luminosities, but the faint end is mostly made up of quasars in less luminous phases of evolution. The faint-end QLF slope is then determined by the faint-end slope of the quasar lifetime for quasars with peak luminosities near the observed break. We determine this slope from the quasar lifetime as a function of peak luminosity, based on a large set of simulations spanning a wide variety of host galaxy, merger, BH, and ISM gas properties. Brighter peak luminosity (higher BH mass) systems undergo more violent evolution, and expel and heat gas more rapidly in the final stages of quasar evolution, resulting in a flatter faint-end slope (as these objects fall below the observed break in the QLF more rapidly). Therefore, as the QLF break luminosity moves to higher luminosities with increasing redshift, implying a larger typical quasar peak luminosity, the faint-end QLF slope flattens. From the quasar lifetime as a function of peak luminosity and this interpretation of the QLF, we predict the faint-end QLF slope and its evolution with redshift in good agreement with observations. Although BHs grow anti-hierarchically (with lower-mass BHs formed primarily at lower redshifts), the observed change in slope and differential or luminosity dependent density evolution in the QLF is completely determined by the luminosity-dependent quasar lifetime and physics of quasar feedback.