Potassium (K) has the greater tendency to be oxidized when compared to Lithium (Li).
Oxidation is a chemical process triggered by the reaction between an compound and an oxidizing agent. The agent is what gains electrons and undergoes reduction, causing what is called oxidation.
With that being said, as you go down the alkali metal group, the ionisation energy decreases. The tendency of an atom to give its electron (or get oxidised) increases. Therefore, potassium oxidises more easily than lithium or in other words, potassium has a lesser tendency to get reduced compared to lithium.
As lithium has a higher tendency to get reduced than potassium, lithium gets deposited instead of potassium.
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