This problem occurs when there are multiple JDKs installed in your system, I had the same issue as I had mistakenly installed oracle-jdk-9 and Android studio requires oracle-jdk-8
If you are using Ubuntu you can install jdk-8 from this question.
So, Make following changes as shown below:
Press ctrl+shift+alt+s that will open project structure which can also be opened from
File -> Project Structure
And then change JDK Location where you may have installed JDK 8
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