You are right, Arsenal last defeat does not mean they have closed their chances of remaining competitive at the top of the standings because the league still has many matches or more precisely 35 more matches well, anything can happen throughout the season. Arsenal also have a chance to beat Liverpool when they play at home so it's just a matter of time. By the way I have no doubts about Arsenal attacking line I'm sure they have the ability above the average of other competitors.
Even after the defeat against Liverpool, I will not call Arsenal a weak team or say that they are not capable of beating Liverpool. Both teams played well but Liverpool won in the end. There are still many games left in the season and Liverpool have more chances to win. Liverpool had the home support in the last match and they were the best to win. But Arsenal will definitely not leave Liverpool at home and will definitely respond to the defeat. I am not too worried about Arsenal's defeat, they certainly played competitive games and both teams gave both sides a tough time.