16 and older is just a recommendation, based on the fact that the show contains adult themes (like prostitution). But yes, you're allowed - you won't be denied a ticket because you're 14. I would say just talk with your parents and use your best judgement. If you're teacher, who knows you, is familiar with the show and felt that it would be appropriate for you, then it's probably fine.
If you or your parents have more questions about content, you should get in touch with Seattle Shakespeare Company directly. You can call their box office at 206-733-8222.
Hope that helps!
Teen Tix Program Manager