Does resume length matter?

Does resume length matter? I am a recent masters graduate and I have been trying to find a full-time developer role since 6 months. I shared my resume with few of my friends for their review. Some suggested that "No one cares about single page resumes if you have 3 years of experience, you need to have at least 3 pages in your resume". Is that true? if yes, what in the world do I need to write to fill 3 pages?