Not natively - however you can add custom javascript so there isn't too much that isn't possible.
If your javascript can "read" how many tickets are still available at the point the form opens you can limit the number of tickets a person can select quite easily.
Don't forget to overwrite the default behaviour on submit to double check the number of tickets selected is indeed still available.
There is a slight chance of a race condition there between the check and the actual submissions however if you are using Machform as your ticket platform I'm assuming high volume bookings (people booking at exactly the same second) isn't neccessarily going to be a huge issue.
You can try and minimise this by creating a temporary ticket hold or a booking hold depending on your processing flow.