From what I have read, (feel free to say if I am wrong) companies pay google to have certain links rate higher in certain search terms.
Got a source?
For example, Amazon could pay Google to have a specific Amazon link appear higher when people search for "amazon fire" or "kindle fire". So in this way it is all about money. I don't know the rules on this or if it's a bid process or what.
Sorry but this is false. Nobody can/does pay to be higher in Google. It's an organic search engine, meaning the way to the top is to SEO the crap out of your content, and get backlinks. It would be against Google's interests to start messing with this as it would have a massive impact on the quality of search results, thus people wouldn't use Google and nobody would bother paying for Adwords.
Also not sure if there is any regulations on this to stop google monopolising the market. I think there should be.
I see your point. But why would Google need to be regulated? As I noted in another post, this cant be compared to the MS domination. People were forced to use Microsoft products by businesses, and their limitation on compatibility with other platforms.
In contrast, Google is a free web service. Nobody forces you to use it, and there are plenty of alternatives out there which are also free. The only thing Google are guilty of in this part, is having a very good search system, which to this day still hasn't seemingly been rivalled when it comes to popularity and reliability.