Your problem is that $$ ... $$ puts you in displaymath mode. This is intended for, well, displaying mathematics. When you enclose maths in $$ ... $$, it is placed on a new line, with a little skip between the displayed maths and the line above. Everything outside the closing $$ will then go on a new line, with the same small skip between displayed maths and the line below. The mathematics is also centred. This is the default behaviour at least.
What you do is leave display math mode and then add as $n\longleftarrow\infty$. As I explained above, this is put on a new line. What you want to do is stay in math mode:
\[=\epsilon(M_1+M_2) \longrightarrow 0 \text{ as } n\longrightarrow \infty\]

There are actually a few ways to include text in math mode. I like to use \text{...}, however, as @Werner points out, this requires you to load the amsmath package. \mbox{...} is an alternative which would work as well.
I would also recommend \to over \longrightarrow for n \to \infty, but that's a matter of choice.
In other news, you should use \[ ... \] over $$ ... $$, as I have above. Click the link to find out why.
However all of that being said, this is not the best way to use display math environments. Perhaps consider something like this:
\documentclass[12pt]{article}
\pagestyle{plain}
\usepackage[margin=1.8cm]{geometry}
\geometry{a4paper}
\usepackage[parfill]{parskip}
\usepackage{amsmath}
\usepackage{amssymb}
\begin{document}
\[
\begin{aligned}
|f_{n}&(x)g_{n}(x) - f_{n}(x)g(x) + f_{n}(x)g(x) - f(x)g(x)| \\
&\leq |f_{n}(x)g_{n}(x) - f_{n}(x)g(x)| + |f_{n}(x)g(x) -
f(x)g(x)| \\
&= |f_{n}(x)||g_{n}(x) - g(x)| + |g(x)||f_{n}(x) - f(x)| \\
&\leq M_{1}\epsilon + M_{2}\epsilon \\
&= \epsilon(M_1+M_2) \longrightarrow 0 \text{ as } n \to \infty
\end{aligned}
\]
\end{document}

Edit:
Or better still, I highly recommend the solutions to my follow-up question over here:
Displaying equation with a line break and all subsequent lines indented