Ideally, it's a catenary. With a known cable tension, length and cable weight, one can calculate the sag (this varies with gravity as well, but the amount gravity varies so little that it is immeasurable in any shop conditions). The cable will hang in a hyperbolic-cosine shape.
Here's a simple calculator for this:
http://www.spaceagecontrol.com/calccabl.htmWith that calculator, you can figure the sag in music wire, string or spaghetti. Whatever.
Of course, the formula does not compensate for the springiness of the hanging material, so short runs of music wire would be flatter, because they store some energy in their elasticity (unlike chain).
The relationship between sag and tension is inverse, so it requires infinite tension to achieve zero sag.