To solve the homogeneous system of linear equations with three unknowns and only two equations, one approach is to set one variable, such as z, as a parameter (t) and express x and y in terms of t. This leads to an infinite number of solutions, as each value of t generates a corresponding pair (x, y). The discussion highlights confusion regarding the multiple-choice answers provided, noting inconsistencies in variable assignments. Participants suggest substituting y for t and solving the resulting 2x2 system for x and z. The conversation underscores the frustration with multiple-choice formats in mathematics.