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Limiting Ticket Quantities
You can limit the number of tickets in two ways, depending upon which ticket type you are using. For standard fields such as counters, you will limit this in the field options under Max Bookings. This will dictate the maximum number of bookings of this field across all registrations or form entries. Note that tickets are held in a 'basket' for 30mins when someone is booking, if they do not complete the booking in time then these will be released back into the max bookings allocation.
If you are using tiers or timeslots, then you can set the limited by amount under the tiers section under Tickets Available. The same 30min rule applies for holding tickets during the checkout process.