Does the number of shares dilute the price per share?

https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/valuation-and-investing/v/price-and-market-capitalization
According to the video, what is equity value? Does the number of shares dilute the price per share? Explain the concept of a “cheap” stock relative to the price per share.
Looking for an explanation in about 125 or so words