I read the answers "unable to locate adb" using Android Studio and Error:Unable to locate adb within SDK in Android Studio and it didn\'t solve my problem.
For me (Android-Studio on Ubuntu-18.04), it was caused by wrong Android Project SDK with emulators's API versions.
To correct it, first go to File->Settings->Appearance & Behavior->System Settings->Android SDK, in which check SDK Platforms->API Level to see what (API versions) have been installed, if none, install one.
Then, go to Project Structure->Module->Properties and configure Compile SDK Version and Build Tool Version to be consistent with what have been installed.