Just to clarify:
1) Your VoIP provider will limit the number of concurrent/simultaneous calls you can have at any given time. Some providers are very strict and only offer 1. Many offer 2 channels (read as "lines") so that you can have call waiting (but technically you can use the two channels to answer both calls on 2 different phones and talk at the same time), others offer many more channels but usually at a greater cost (e.g. CallCentric I believe offers 2 or 3 channels by default, but additional channels can be purchased (at a high per channel cost monthly rate). Note that even providers that claim "unlimited" channels will often limit to 50 or something just to be on the safe side and to ensure their server doesn't get overloaded by any account holder.
2) Axon does not limit the number of incoming calls. Just because you only set-up one "External Line" in Axon does not mean it is only set-up to take one call, it can take as many as supported by your VoIP provider (see 1). The next call that comes in is processed just like the previous ones and if it isn't answered can be forwarded to your voice mail.
3) IVM is limited to the number of calls it can take (this is limited by your IVM license, then by your VoIP provider, and finally the number of simultaneous calls you allow in the settings for each telephony device or VoIP account you set-up with IVM).