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I did a bit more research on our new Ricoh Copier / Scanner / Printer. It looks like this bug will pop up any time *any* of the 5 paper sources on this machine is out of paper. There must be paper in every single possible paper tray / feed in order for MacOS not to report a paper-out error. I will test further as I get time.
I also tried manually setting the paper source, and at first glance this looks like it *might* be a workaround. For example, if I leave the paper source at "Auto" in the print dialogue we see this error message, but if I specifically choose Paper source of "Tray 1" (for example), then I will not see this error even if all other paper sources are empty.
 
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