The application could not be installed: INSTALL_FAILED_MISSING_SHARED_LIBRARY

This could happen if you have two entries like in your AndroidManifest.xml. If you choose File -> New -> Activity -> Blank Activity this gets included in manifest file automatically. If you are not building for wearable you can delete this from manifest file or add missing library in build.gradle (app)

<uses-library
    android:name="com.google.android.wearable"
    android:required="true" />
<!--
       Set to true if your app is Standalone, that is, it does not require the handheld
       app to run.
-->
<meta-data
    android:name="com.google.android.wearable.standalone"
    android:value="true" />

This could also happen when your app expecting a library which is not installed yet. Please update your build.gradle for any missing library.