No, it does not.
First off, a creature's CR doesn't change by adding more creatures. However, the encounter level, EL, does. For one creature, EL=CR. For two (of the same CR), EL=CR+2.
Doubling the number of creatures adds two to the EL. It's a logarithmic scale.
I worked out a table from the table in the DMG that shows how to modify EL for numbers. IIRC, it goes something like this:
# EL
1 CR
2 CR+2
3 CR+3
4 CR+4
5-6 CR+5
7-9 CR+6
10-12 CR+7
It gets more difficult when adding creatures with different CR's, but if you want, you can use this spreadsheet, assuming you have excel or quattro pro. (If anyone wants the details on how I worked this out, I can share... but it's sorta mathematical.):
(attachment removed. Lemme know if you want it... but due to MS inbedding certain info in their documents, I don't feel comfortable leaving it out there...)